Tyre stocks extend gains

India Infoline News Service | Mumbai | August 07, 2017 15:25 IST

Tyre stocks were witnessing upward momentum on the bourses throughout Monday’s trade. They extended intraday gains towards the closing hours on the back of talks between DGAD and the Finance Ministry regarding a levy of anti-dumping duty on cheap imports.

Tyre stocks were witnessing upward momentum on the bourses throughout Monday’s trade. They extended intraday gains towards the closing hours on the back of talks between DGAD and the Finance Ministry regarding a levy of anti-dumping duty on cheap imports.
 
Tyre stocks namely Apollo tyres traded higher by 9% at Rs 285.95 per share, JK Tyre Industries traded higher by 3.66% at Rs 165.09 per share, Ceat traded higher by 4.47% at Rs 1811.07 per share and MRF traded higher by 1.87% at Rs 67,637.85 per share.
 
The Directorate General of Anti-Dumping and Allied Duties (DGAD) is in talks with the Finance Ministry for the imposition of anti-dumping duty on truck and bus radial tyres (TBR) imports from China.
 
The authority has submitted a report to the Finance Ministry which will take the final decision soon.

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