Tiles stocks gain after Govt imposes anti-dumping duty

India Infoline News Service | Mumbai | June 14, 2017 12:06 IST

Tile stock on the NSE, Murudeshwar Ceramics and Kajaria Ceramics have gained as much as 2% and 1%, respectively at 1118 hours, as the government imposed anti-dumping duty on Chinese ceramic items.

Tile stock on the NSE, Murudeshwar Ceramics and Kajaria Ceramics have gained as much as 2% and 1%, respectively at 1118 hours, as the government imposed anti-dumping duty on Chinese ceramic items.
 
The government on Wednesday imposed anti-dumping duty on import of ceramic table and kitchenware items from China to protect domestic industry against goods being sold at below normal value.
 
"The anti-dumping duty imposed shall be levied for a period not exceeding six months (unless revoked, amended or superseded earlier)," the Department of Revenue in the finance ministry issued a notification.
 
The Directorate General of Anti-Dumping and Allied Duties (DGAD) in its findings recommended imposition of provisional anti-dumping duty in order to reduce the losses of the domestic industry.


Stock view:

Kajaria Ceramics Ltd is currently trading at Rs 700.85, up by Rs 2 or 0.29% from its previous closing of Rs 698.85 on the BSE.
 
The scrip opened at Rs 710 and has touched a high and low of Rs 711 and Rs 700.8 respectively. So far 40465(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 11107.38 crore.
 
The BSE group 'A' stock of face value Rs 1 has touched a 52 week high of Rs 787.55 on 10-May-2017 and a 52 week low of Rs 437.3 on 30-Dec-2016. Last one week high and low of the scrip stood at Rs 705 and Rs 669.45 respectively.
 
The promoters holding in the company stood at 47.39 % while Institutions and Non-Institutions held 29.14 % and 23.47 % respectively.
 
The stock is currently trading above its 50 DMA.


***Note: This is a NSE Chart

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