Tyre stocks rally up to 11% after govt imposes anti-dumping duty

Shares of tyre companies such as J&K Tyre, MRF, Apollo Tyres, and TVS Srichakra etc rallid up to 11% follwoing news reports that the goverment has imposed the anti-dumping duty on import of certain type of radial tyres used in buses and trucks.

The decision has been taken to protect the domestic manufacturers from below-cost shipments from China for five years.

Reacting to the developmnet, JK Tyre gained as much as 11.7% to Rs 165. TVS Srichakra, MRF, Apollo Tyres, PTL Enterprises and Ceat added anywhere between 1% to 3%. 

The anti-dumping duty has been imposed in the range of USD 245.35 -