In apparently positive news for the glassware company, the government is expected to maintain anti-dumping duties on Opal glassware imported from the United Arab Emirates and China, Zee Business special correspondent Chetan Bhutani told the editor. Zee Business Chief Anil Singhvi in a report.
Bhutani says a notification has also been issued in this regard and the Trade Remedies Directorate (DGTR) has started its investigation. He further adds that the government has already imposed duties on the same thing – 4% on the United Arab Emirates and 30% on China, which will expire on August 8, 2022.
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Domestic actors such as Borosil and La Opala RG have called for the investigation so that outgoing functions do not expire and continue, the special envoy said. The planned investigation period runs from April 1, 2020 to March 31, 2021.
La Opala glasses are exclusively used in tables, kitchens and offices as well as in interior decoration.
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Bhutani also mentions that there will be an investigation and that the Ministry of Finance will issue a notification about it.
Shares of Borosil Limited jumped nearly 20% to Rs 241.35 per share, while shares of La Opala RG rose more than 4% to Rs 314.35 per share on Monday’s intraday BSE.
Profit reservation was seen in both stocks, with the former trading around 18% higher, while the latter falling more than 2% about an hour before the market closed today.
In the past five sessions, Borosil stock has traded at levels of Rs 200 a piece, as it has surged to hit the upper 20 percent circuit and then record profits today. The script over the past 6 months has gained over 36 percent.
Likewise, La Opala RG has traded between 300 and 310 levels per share over the past five sessions, as it has jumped over 45% in the past six months.