Jindal Stainless spurts as Govt seeks anti-dumping tax on some stainless steel imports

capital market | Mumbai |

Jindal Stainless rose 12.05% to Rs 45.10 at 13:12 IST on BSE on reports that the government is planning to impose anti-dumping duty on hot rolled flat stainless steel.

Meanwhile, the BSE Sensex was up 216.65 points, or 0.76%, to 28,875.82.

On BSE, so far 22.09 lakh shares were traded in the counter, compared with an average volume of 2.37 lakh shares in the past one quarter.

The stock hit a high of Rs 47.30 and a low of Rs 43.30 so far during the day. The stock hit a 52-week high of Rs 64.40 on 2 July 2014. The stock hit a 52-week low of Rs 28.50 on 16 December 2014.

The stock had outperformed the market over the past one month till 11 March 2015, rising 23.85% compared with 0.44% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 28.39% as against Sensex's 3.83% rise.

The small-cap company has an equity capital of Rs 45.28 crore. Face value per share is Rs 2.

The Directorate General for Anti-Dumping & Allied Duties has recommended levy of anti-dumping duty on hot rolled flat stainless steel imported from China, Malaysia and Korea. It has suggested duty of $309 a tonne on imports from China, $316 a tonne from Malaysia and $180 a tonne from Korea.

After a year-long investigation based on complaints from Jindal Stainless, the Directorate General for Anti-Dumping & Allied Duties said it found that the domestic industry was suffering material injury due to such dumped imports and that a definitive measure was required to stop it.

Jindal Stainless reported net loss of Rs 341.98 crore in Q3 December 2014 as against net loss of Rs 300.59 crore in Q3 December 2013. Net sales declined 1.37% to Rs 2965.46 crore in Q3 December 2014 over Q3 December 2013.

Jindal Stainless is engaged in manufacturing of stainless steel.

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