Big emerging news Gujarat Narmada Valley Fertilizers and Chemicals Limited (GNFC). These are toluene-D imports from China, Japan and South Korea. The company has complained about cheaper imports of this material from the mentioned countries. There could be an imposition of anti-dumping duties on exports of this material from the countries mentioned. Chetan Bhutani from Zee Business brings this great breaking report.
The government launched an investigation into this. The investigation period is between April 1, 2020 and March 31, 2021. Anti-dumping duties may be imposed on the import of this material.
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Toluene-D is used to make pillows, duvets, and mattresses.
GNFC shares were trading at Rs 327.80 on the NSE at 9:51 am Monday and were up almost 3.2 percent.
Bhutani said that GNFC is a major player in the manufacture of this substance. He said that GNFC has a significant market share in this segment and this news bodes well for the company.
He said the investigation is now ongoing into the complaints made by the company. The investigation period is financial year 2020-21 (April-March).
The investigation has been initiated by the Director General of Commercial Remedies (DGTR).
Shares to buy – GNFC – Analyst Sumeet Bagadia said that levels around Rs 330 offer resistance and once this level is broken, a rally will open for levels between Rs 340 and Rs 350. Existing investors should hold their positions.
Analyst Sandeep Jain also said that this stock was one of his favorites and has been recommended on several occasions. He said it is a quality stock and it is a good opportunity to buy this stock.
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He said this news bodes well for the company. He said the time is right to buy these shares at current levels.