Shares of jute companies surge; Ludlow Jute, Cheviot Company up over 10%

Shares of jute & jute product companies such as Ludlow Jute & Specialities, Cheviot Company and Gloster have rallied by up to 20% on the BSE after the government imposed anti-dumping duty on jute from Bangladesh and Nepal.

“Government imposed anti-dumping duty ranging from USD 6.30 to USD 351.72 per tonne on imports of jute and its products from Bangladesh and Nepal to protect domestic industry,” the PTI report suggests.

The anti-dumping duty has been imposed for five years, a revenue department notification said.

The import restrictive levy has been imposed on jute yarn/twine, Hessian fabric and jute sacking bags in "all forms and specifications". CLICK HERE TO READ FULL REPORT.

Among the individual stocks, Ludlow Jute & Specialities locked in upper circuit of 20% at Rs 108 on the BSE. As many as 74,000 equity shares have already changed hands on the counter till 09:53 am, against an average 2,400 shares that were traded daily in past two weeks. There were pending buy orders for 27,539 shares on the BSE.

Gloster has rallied 16% to Rs 560, after hitting high of Rs 575 in intra-day trade. Cheviot Company too surged 14% to Rs 1,019 after surging 17% at Rs 1,051 on the BSE in intra-day trade. The trading volumes on both these counter has jumped by more than 10-fold.