Big news for Chemplast Sanmar! Anti-dumping duty on untreated fumed silica imports from China, Korea recommended: Anil Singhvi

Recommendation has been made for imposing anti-dumping duty on untreated fumed silica coming from China and Korea, informed Anil Singhvi, Managing Editor at Zee Business on Tuesday.

Singhvi said that it is a big and interesting news, and DGTR has issued a notification regarding the same. He further said that Chemplast Sanmar Ltd has recently got listed on the exchanges and the shares of the company should be in focus of the investors.

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Cabot Sanmar Limited, a joint venture between Cabot Corporation of the USA and the Sanmar Group, India had filed a complaint before the commerce ministry's investigation arm DGTR and now the notification has been issued, said the Market Expert.

Giving some details regarding the matter, Daanish Anand, Zee Business reporter, said that that it is a big news for Chemplast Sanmar as its joint venture with the American company, Cabot Sanmar, had filed the complaint and had asked to impose anti-dumping duty on untreated fumed silica.

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He further informed that the investigation period was between April 1, 2019, to March 31, 2020. As per the suggestions made, the duty imposed in the range of USD 373 metric tonne has been suggested to increase to USD 1296 per metric tonne.

Speaking on the charts of Chemplast Sanmar, analyst Kunal said that due to the limited data, it is a bit difficult to say anything on the charts of the company but a resistance breakout can be seen on the chart. He further said that those who have the IPO shares of the company should hold the stock.

Chemplast Sanmar was trading at Rs 539.55, up 2.80 points or 0.56 per cent at 12:17 pm on NSE.