Paper stocks advance as government imposes anti-dumping duty
Indian government imposes anti-dumping duty on uncoated copier paper imported from Indonesia, Thailand and Singapore. Paper stocks react positively, up more than 2 per cent in morning trade.
JK Paper, the West Coast Paper, Tamil Nadu Newsprint and Ballarpur Industries had filed an petition against exports of uncoated copier paper mainly in A4, A3, and legal size from Indonesia, Thailand and Singapore. The government has completed the investigation and an anti-dumping duty has been imposed on uncoated copier paper originating and exported from these countries, said a news outlet on Wednesday.
These companies furnished evidence regarding damage to domestic manufacturers as a result of the alleged dumped imports and price undercutting. This caused significant impact on the profitability, return on capital employed, cash flow and capacity utilization of domestic producers. Directorate General of Trade Remedies (DGTR) recommended a duty to help the domestic industry.
Meanwhile, the stock of copier paper manufacturers were buzzing on the bourses. At 9:42 hours, the stock of JK Paper was at Rs. 171.70 per share, up by 3.12 per cent, Yash Papers was at Rs. 52.50 per share, up by 2.54 per cent, Tamil Nadu Newsprint & Papers Limited was at Rs. 256.35 per share, up by 2.42 per cent, Emami Paper Mills was at Rs. 186.90, up by 2.95 per cent, West Coast Paper was at Rs. 343.45, up by 2.77 per cent, Ballarpur Industries was at Rs. 5.94, up by 5.51 per cent on Wednesday.