Shares of HFCL soared over 9 percent in trade to hit a 52-week high of Rs 129 on June 18, after it was exempted from anti-dumping duties imposed by the European Commission on rival Indian Optical Fiber Cable (OFC) manufacturers.
HFCL was the only Indian company that was found to not be engaged in dumping of optical fibre cables (OFC) across European markets, a statement from the European Commission said.
At 11.37 am, shares of HFCL were trading at Rs 125.70 on the NSE.
Follow our live blog for all the market action
On October 3, 2023, Europacable - representing the European optical fibre cable industry - had filed a complaint alleging that Indian OFC imports were being dumped and harming the European industry. The European Commission subsequently investigated the products, infrastructure, and financial data of all relevant Indian OFC manufacturers.
"After a thorough investigation, the European Commission ruled in June 2024 that anti-dumping duties would not apply to HFCL Group, including HFCL Limited and HTL Limited, as no evidence of dumping was found," the company said.
However, 9.9 percent anti-dumping duties were levied on other Indian OFC manufacturers including Apar Industries and Polycab India.
The decision underscores 'global trust we have earned for our fair-trade practices and process transparency', Mahendra Nahata, Managing Director of HFCL, said in an exchange filling.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
