Probe begins on aluminium alloy wheels import from China, anti-dumping duty likely to go up, says Anil Singhvi - Check how it will impact Steel Strips Wheels share price

Anil Singhvi, Managing Editor at Zee Business, on Friday said that investigation has started for aluminium alloy road wheels coming from China. The investigation is being done for the imports done in FY 2021 that is from January 1, 2020, to March 31, 2021.

The Market Guru added that this can impact the shares of Steel Strips Wheels Ltd. Also, the company's board is going to meet today, September 3. The board is also likely to discuss stock split in the meeting.

See Zee Business Live TV Streaming Below:

Speaking on the same topic, Chetan Bhutani, Political and Business Journalist at Zee Business, said the government had issued a notification in 2019 but domestic industry, including Steel Strips Wheels and other two companies, which are unlisted, said that they manufacture this product in maximum quantity and are facing issues on the same as the dumping is being done at a very low margin.

Hence, these companies said that the price of the duty should be increased. Now, the government has started the investing listening to the domestic companies, he added.

Chetan further added that in the coming time the Department of Revenue can increase the duty price and it will an impactful news.

Talking on the charts of Steel Strips Wheels, Analyst Kunal said that a straight growth has been observed in this stock and it has also not shown any correction from the level of around Rs 800.

He said that the chart of the company is very strong, and this stock can cross the level of Rs 2000. However, he advised only traders who keep an eye on the stoploss to trade in this stock as it has already reached a high and added that it can even show the levels of around Rs 2200.