Paper stocks gain as government imposes anti-dumping duty

Indian paper companies operating in the uncoated paper segment had filed an application before the DGTR for initiation of the investigation.

Dec 05, 2018 11:12 IST India Infoline News Service

Paper stock
Shares of Paper companies gained on Wednesday after the Government of India imposed anti-dumping duty (ADD) on uncoated copier paper imported from Indonesia, Thailand, and Singapore.

The ADD is for a period of three years to protect the interest of domestic companies against low-cost shipments.

Indian paper companies operating across the uncoated paper segment are JK Paper, The West Coast Paper Mills, Tamil Nadu Newsprint Papers, and Ballarpur Industries had filed an application before Directorate General of Trade Remedies (DGTR) for the initiation of the investigation.

Based on the investigation, DGTR has recommended the duty after establishing in its probe that the dumping of uncoated paper from these countries are having an impact on domestic players.

The directorate has recommended anti-dumping of the difference between the landed value of the product at $855/tonne.

Reacting to this news shares of JK Paper, Ballarpur Industries, West Coast Paper, Tamil Newsprint and Seshasayee Paper rose in today’s trade.

Meanwhile, the Sensex fell 225 points to 35,909, while the Nifty fell 78 points to 10,791.

Stock view:
Ballarpur Industries Ltd is currently trading at Rs5.88 up by Rs0.25 or 4.44% from its previous closing of Rs5.63 on the BSE.

West Coast Paper Mills Ltd is currently trading at Rs339.80 up by Rs5.6 or 1.68% from its previous closing of Rs334.20 on the BSE.

Tamil Nadu Newsprint & Papers Ltd is currently trading at Rs252.95 up by Rs2.65 or 1.06% from its previous closing of Rs250.30 on the BSE.

JK Paper Ltd is currently trading at Rs168.30 up by Rs1.8 or 1.08% from its previous closing of Rs166.50 on the BSE.

Seshasayee Paper & Boards Ltd is currently trading at Rs1,120 up by Rs5.5 or 0.49% from its previous closing of Rs1,114.50 on the BSE.

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