Himadri Speciality up as Govt imposes anti-dumping duty on SNF from China

The stock was trading 4% higher at Rs 159, extending its Wednesday's 3.4% gain on the BSE, after the government imposed anti-dumping duty on Chinese imports of Sulphonated Naphthalene Formaldehyde.

Himadri Speciality Chemical was trading 4% higher at Rs 159, extending its Wednesday’s 3.4% gain on the BSE, after the government imposed anti-dumping duty on import of Sulphonated Naphthalene Formaldehyde (SNF)--a chemical used in the construction and dyes industry--from China.

The counter has seen huge trading volumes with a combined 381,116 equity shares have already changed hands on the NSE and BSE in first four minutes of trade.

“The Government of India, Ministry of Finance, Department of Revenue, vide its notification no 7/2018- Customs (ADD) dated 13 March, 2018 with a view to protect the interest of domestic manufacturer, has imposed anti- dumping duty on the import of Sulphonated Naphthalene Formaldehyde (SNF),” Himadri Speciality Chemical said in a regulatory filing.

The Central Board of Excise and Customs imposed a duty of $217.40 per tonne on the import of SNF from China for a period of five years.

In a separate filing, Himadri Speciality Chemical said that it will be investing Rs 10 billion to expand its Carbon Black business.

The company will be setting up new carbon black lines in its existing integrated plant in Mahistikry, West Bengal for producing Specialty Carbon Black. The Company is having manufacturing facility of this product.

India's consumption of carbon black is growing by about 6.3% per year. Also with major upcoming investments in Infrastructure and a burgeoning automobile industry, the demand for Himadri Speciality’s products is stated for robust growth, it added.