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HFCL stock price up by more than 5% today

18 Jun 2024 , 07:14 PM

HFCL shares surged over 9% to reach a 52-week high of ₹129 on June 18 following its exemption from European Commission anti-dumping duties on Indian Optical Fiber Cable (OFC) manufacturers.

According to the European Commission, HFCL was the only Indian company not engaged in dumping OFC in European markets. Europacable filed a complaint on October 3, 2023, alleging dumping of Indian OFC imports harming the European industry. The European Commission investigated relevant Indian OFC manufacturers’ products, infrastructure, and financial data.

In June 2024, the European Commission concluded that HFCL Group, including HFCL Limited and HTL Limited, demonstrated no evidence of dumping, exempting them from anti-dumping duties. However, anti-dumping duties of 9.9% were imposed on other Indian OFC manufacturers such as Apar Industries and Polycab India.

HFCL’s Managing Director Mahendra Nahata highlighted the company’s commitment to fair-trade practices and transparency, earning global trust. The exemption underscores HFCL’s adherence to fair-trade norms and transparency in operations. HFCL’s exemption from anti-dumping duties affirms its standing in global markets for ethical business practices.

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