BIS norms on import of cheap rubber boots extended till next year – Harrisons Malayalam shares in focus, stocks rally 13%

In apparent positive news for the domestic rubber boot manufacturers, the central government has come out with a notification extending the BIS (Bureau of Indian Standards) norms to keep a check on cheap imports of rubber gum and high ankle boots. 

While explaining the breaking news, Zee Business Special Correspondent Chetan Bhutani said that the government has extended the cheap imports till February 2022. The amendment of the same was established on August 11, 2021, he added.

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The department of consumer affairs, under which BIS falls, usually comes out with such notification post domestic companies request/consultation to check on cheap imports.

The notification mentions that BIS norms on all rubber gum and ankle boots for occupational purpose and high ankle tactical boots with PU rubber soles extended till next year, Bhutani said. He added, this is a good news for domestic companies such as Harrisons Malayalam, who deals in rubber and chemicals used in high ankle boots.

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Harrison Malyalam के लिए Good News...

इंपोर्ट पर लगाम लगाने के लिए रबर गम बूट और रबर बूट पर BIS नियमों की अवधि बढ़ाई गई, नोटिफिकेशन जारी #HarrisonMalyalam @AnilSinghvi_ @BhutaniChetan

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— Zee Business (@ZeeBusiness) August 26, 2021

Post the news, the stock has been rallied over 13 per cent to touch day’s high level of Rs 214.25 per share on the BSE intraday trade on Thursday. At around 01:55 pm, the stock is trading around 8 per cent to Rs 203.6 per share on the BSE, as against a 0.04 per cent rise in the S&P BSE Sensex.

In the last one year, the stock has soared over 120 per cent on the BSE as compared to a 43.5 per cent jump in the S&P BSE Sensex during the same period. The counter on July 28, 2021, had hit Rs 250 per share as its 52-week high and had touched Rs 83 per share 52-week low on September 24, 2021.

Earlier this month, the auto tyres and rubber products manufacturer had reported Rs 1.8 crore growth in profit as compared to a loss of 7.52 crore in the same period last year, similarly, its revenue grew by over 50 per cent to Rs 94.7 crore year-on-year basis in the June-end quarter of fiscal 2022.