Shares of NOCIL surged more than six percent on the BSE on Wednesday as the likely imposition of anti-dumping duty on imported rubber chemicals boosted business prospects for the company. The scrip hit a 52-week high at Rs 310.95.
Anti-dumping duty may be imposed on imported rubber chemicals PX-13 from European Union and rubber chemical MOR from China which is seen benefitting NOCIL.
NOCIL is an India-based company, which offers basic organic chemicals. The company is engaged in the business of manufacturing and trading rubber chemicals, including PX-13 and MOR.
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These rubber chemicals were exported to India by China and European Union below their normal value which has resulted in serious damage to domestic players.
With the anti-dumping duty, the profitability of domestic players like NOCIL is likely to be protected.
At 11:15 am, shares of NOCIL were trading five percent higher at Rs 307.55. The stock has been gaining for the last five days and has given nearly 12 percent returns during the period.
In one month, the scrip has gained nearly 17 percent while year to date, the stock zoomed 115 percent.