Anti-dumping duty on stainless steel seamless tubes, pipes import – check why Jindal Saw, Maharashtra Seamless shares surge

In apparent good news for Jindal Saw and Maharashtra Seamless, the government has started an investigation of stainless steel seamless tubes, pipes coming from China, a notification has also been issued regarding the same, Zee Business Managing Editor Anil Singhvi says in a report.

A complaint was registered with the Directorate General of Trade Remedies (DGTR) against products import on anti-dumping duty such Gas, petrochem, refinery transportation, defense and power generation imported from China and a probe has been ordered regarding the same.

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The managing editor says that the period of investigation will be from 1 April 2020 to 31 March 2021.

The shares of Jindal saw jumped 3 per cent to Rs 123 per share on the BSE intraday trade on Monday, the stock eventually ended flat with a positive bias at Rs 119.9 per share on the BSE.

जिंदल सॉ, महाराष्ट्र सीमलेस के लिए बड़ी खबर...

चीन से आने वाले स्टेनलेस स्टील सीमलेस ट्यूब, पाइप की DGTR ने शुरू की जांच, नोटिफिकेशन हुआ जारी

जांच की अवधि 1 अप्रैल से 31 मार्च 2021 होगी#JindalSAWLtd #MaharashtraSeamless #StenlessSteelSimlesstube @AnilSinghvi_ @sumeetbagadia pic.twitter.com/Luqc7NkyLc

— Zee Business (@ZeeBusiness) September 13, 2021

Choice Broking Executive Director Sumeet Bagadia says, huge chances of stock going upwards, as once it breaks the resistance of Rs 124-125 per share and will see the momentum in the stock. He expects, the market would witness Rs 130-135 per share up move, and suggests to Hold positions.

Bagadia sees support of Rs 115-117 per share and also be termed as stop loss in a short-term view.

Similarly, the shares of Maharashtra Seamless soared over 3.5 per cent to Rs 323.15 per share on the BSE intraday today, while the stock ended almost 2.5 per cent higher to Rs 319.1 apiece on the BSE.