Jindal Stainless and Jindal Stainless Hisar to benefit from duty on stainless-steel imports

摘要

Shares of Jindal Stainless and Jindal Stainless Hisar gained up to 17% and 11.3% respectively on the back of the government imposing provisional countervailing duty (CVD) on certain flat stainless-steel products from Indonesia to protect the domestic industry. Stainless Steel from Indonesia has grown multifold over the past three years and has been impacting the overall industry. For instance, in FY20, stainless steel imports from Indonesia rose to 2,60,881 tons from 75,187 tons in FY19. It was less than 10,000 tons in FY18. It now contributes nearly half of the entire imports in India.