SRF hits lifetime high

Since June 12, the stock rallied 17% after the government extended the anti-dumping duty on Nylon Tyre Cord Fabric from China.

Shares of SRF have moved higher by 7% to Rs 1,199, also their lifetime highs on the BSE, in an otherwise subdued market.

Since June 12, the shares of textile manufacturer have rallied 17% from Rs 1,025 after the government extended the anti-dumping duty on Nylon Tyre Cord Fabric from China. The S&P BSE Sensex gained 5.3% during the same period.

“The Government of India, Ministry of Finance (Department of Revenue) vide Notification No. 30/2015-Customs (ADD) dated June 12, 2015, has extended the applicability of its Notification No. 41/2009-Customs, dated April 29, 2009 for a further period of five years, imposing an anti-dumping duty on the imports of Nylon Tyre Cord Fabric (NTCF) originating in, or exported from, the People's Republic of China,” SRF said in a statement.

Till 1041 hours, a combined around 320,000 shares changed hands on the counter on the BSE and NSE.