AIA Engineering stock volatile after update of 15% custom duty by South Africa, sold 4,200MT grinding media so far this fiscal

The duty does not apply to European Union and the UK and under FTAs as a part of their internal policy reforms.

Sep 23, 2021 03:09 IST India Infoline News Service

AIA Engineering
AIA Engineering has intimated exchanges about the recent custom duty of 15% levied by the South African Government on imports of Grinding Media from all countries. However, the duty does not apply to European Union and the UK and under FTAs as a part of their internal policy reforms.

In its regulatory filing, AIA said that "though it is not specific to our Company or Country, as a prudent practice, we would like to inform the Stock Exchanges about its likely impact on the Company's business pursuant to Regulation 30 of SEBI(Listing Obligations and Disclosure Requirements), Regulation 2015."

AIA highlighted that the company through its overseas subsidiary, VEGA RSA Pty LTD, has sold approx. 4200 MT of Grinding Media in South Africa during the current Financial Year.

At around 3.12 pm, AIA is trading at Rs2008.80  per piece down by 0.7% on Sensex. The stock has touched an intraday high and low of Rs2034.45 per piece and Rs1991 per piece respectively. 

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