Tyre stocks today rose by up to 6.7 per cent after the government imposed anti-dumping duty on import of certain types of radial tyres used in buses and trucks to protect domestic manufacturers from below cost shipments from China for five years.
Shares of JK Tyre & Industries surged 6.74 per cent to Rs 157.65, TVS Srichakra gained 2.88 per cent to Rs 3,214.55 and Apollo Tyres went up by 1.41 per cent to Rs 262.25 on BSE.
The anti-dumping duty has been imposed in the range of USD 245.35 - 452.33 per tonne, a notification issued by the Central Board Excise and Customs (CBEC) said yesterday.
The duty has been slapped on "new/unused pneumatic radial tyres with or without tubes and/or flap of rubber (including tubeless tyres) having nominal rim dia code above 16 (inch)" used in buses and lorries/trucks.
Anti-dumping steps are taken to ensure fair trade and provide a level-playing field to the domestic industry.
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