Big news for GSFC! Anti-dumping duty on melamine import from China likely SOON, says Anil Singhvi - Check share price target

Anil Singhvi, Managing Editor at Zee Business on Tuesday, August 24, 2021, informed that there is good news for Gujarat State Fertilizers and Chemicals Ltd (GSFC) as anti-dumping duty can be imposed on import of melamine from China and the Directorate General of Trade Remedies (DGTR) has recommended imposition of duty for 5 years.

The market expert said that the government has issued a notification in this regard.

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Chetan Bhutani, Special Correspondent at Zee Business, speaking on the issue, said that GSFC had filed a complaint to stop the import of melamine from China. It can be noted that GSFC produces melamine in majority.

Chetan further informed that DGTR considered the complaint and did an investigation and found that import of melamine is impacting the domestic industry and hence recommended anti-dumping duty for 5 years according to USD 161 per metric tonne.

GSFC के लिए बड़ी खबर...

चीन के मेलामाइन पर लग सकती है एंटी डंपिंग ड्यूटी, DGTR ने 5 साल के लिए ड्यूटी लगाने की सिफारिश की#GSFC #DGTR @AnilSinghvi_ @BhutaniChetan pic.twitter.com/fi8e2bT09h

— Zee Business (@ZeeBusiness) August 24, 2021

He said that the Department of Revenue can issue an official notification in this regard and will impose anty-dumping duty on imports of melamine from China.

Speaking on the charts of GSFC, analyst Sumeet Bagadia said that the stocks of the company has bounced back after a fall of almost 10 days. He said that as the upper limit of 105-106 will break fresh buy will be seen in the shares and a good momentum can be seen.

He advised to hold the stock of the company to those who have already purchased the shares. He said that the stock will get a lower support of 98-99 and after the 105-106 level breaks it will see a move till the level of 114-115.