Business Standard

Havells, Voltas slip on custom duty hike; here's how analysts see the move

The new tariffs came into effect from Wednesday midnight. The import of these 19 items cost Rs 860 billion in FY18, according to the finance ministry.

Markets, Stocks, Shares

A share broker monitors market fluctuation

Swati Verma New Delhi
Shares of select consumer durable companies fell in trade on Thursday, after the government raised import duties on 19 essential items, including refrigerators, air conditioners, and jet fuel. 

At 09:45 am, Voltas was trading nearly 3.5 per cent lower at Rs 552.50 apiece on the BSE. The stock slipped nearly 7 per cent in the opening deals to hit a low of Rs 533.50. Havells India was trading at Rs 636 per share, nearly 2 per cent down.

Ambareesh Baliga, an independent market analyst, seemed unperturbed by the stock reaction on Thursday, saying the correction was only a knee-jerk reaction

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First Published: Sep 27 2018 | 10:43 AM IST

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