You are here: Home » Markets » News
Business Standard

Tyre stocks gain as govt imposes additional duty on Chinese tyre imports

The government has imposed countervailing duty on new pneumatic radial tyres, which are imported from China, for five years

SI Reporter  |  Mumbai 

Tyre exports, tyre

Shares of makers gained up to 8 per cent on the on report that the government imposes definitive countervailing duty on truck and bus radial imports from

Reacting to the news, the stocks of rallied 8 per cent to Rs 1,963, followed by JK Tyre, which surged 5 per cent at Rs 80, was up 4 per cent at Rs 939, followed by Balkrishna Industries, up 3 per cent at Rs 766 and by 2 per cent at Rs 56,099 on the In comparison, the S&P was up 0.62 per cent at 39,364 points at 02:16 pm.

The government has imposed countervailing duty on new pneumatic radial tyres, which are imported from China, for five years. These tyres are above 16 inches and normally used in buses, lorries/trucks.

The notification by the Ministry of Finance said the "imposition of definitive countervailing duty is required to offset subsidisation and injury" and that it has recommended the imposition of definitive countervailing duty on the imports of the subject goods from

Thus far in the current calendar year 2019, most of the stocks had underperformed the market by falling in the range of 18 per cent to 31 per cent, as compared to 8.5 per cent rise in the benchmark index till Monday.

First Published: Tue, June 25 2019. 14:15 IST
RECOMMENDED FOR YOU