#EXCLUSIVE – Govt begins probe on import of Toluene-D from China, Japan, South Korea; BIG NEWS for GNFC – shares up 3% - BUY say analysts

Big news emerging Gujarat Narmada Valley Fertilizers and Chemicals Limited (GNFC). This is regarding the imports of Toluene-D from China, Japan and South Korea. The company has complained about cheaper imports of this material from the above countries. There could be an imposition of anti-dumping duty on the exports of this material from the above countries. Zee Business’ Chetan Bhutani brings this big breaking report.

The government initiated an investigation on this. The period of investigation is between 1 April 2020 and 31 March 2021. Anti-dumping duty could be imposed on the import of this material.

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Toluene-D is used to make pillows, quilts and mattresses.   

The shares of GNFC were trading at Rs 327.80 on the NSE on Monday at 9:51 am and were up by almost 3.2 per cent.

Bhutani said that GNFC is a big player in the manufacture of this substance. He said that GNFC has a significant market share in this segment and this news augurs well for the company.

He said that the investigation is now ongoing on the complaints made by the company. The period of investigation is the financial year of 2020-21 (April-March).

The investigation has been initiated by Director General of Trade Remedies (DGTR).

Stocks to Buy – GNFC – Analyst Sumeet Bagadia said that the levels around Rs 330 is offering resistance and once this level is breached an upside will be open for levels between Rs 340 and Rs 350. Existing investors should hold their positions.

Analyst Sandeep Jain also said that this stock was one of his favourite and has been recommended on a number of occasions. He said that it is a quality stock and it is a good opportunity to buy this stock.

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GNFC के लिए बड़ी खबर...

DGTR ने चीन, जापान, कोरिया के टॉलूइन डी आइसोसाइनेट के इंपोर्ट की जांच शुरू की, GNFC ने सस्ते इंपोर्ट की शिकायत की थी#GNFC @AnilSinghvi_ @BhutaniChetan pic.twitter.com/7a6103a9K5

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He said that this news augurs well for the company. He said that it is right time to buy these stocks at current levels.