Big news for Vedanta and Bharat Aluminium on wire rod import
Big news for Vedanta and Bharat Aluminium on wire rod import – With the import of certain aluminum wires and rods above 7 mm diameter Indian government has initiated an investigation on import from Malaysia, Zee corporate executive Editor Swati Khandelwal told editor Anil Singhvi in exclusive news.
Khandelwal said that this is often enormous news for Vedanta Limited and Bharat Aluminium Company. The investigation regarding the anti-dumping issue has been initiated on a complaint made by the 2 companies, she said.
In their submissions to the agencies, the 2 companies have alleged that the import of wires of this specification is being done on an outsized scale, hurting the domestic industry.
Khandelwal said that within the preliminary investigation, it had been found that the numbers are on the increase causing losses for the local industry.
The period for investigation is between April 2019 and December 2019. This particular product is getting used in electrical and industry, she further said.
Any favorable decision on this issue is probably going to assist Vedanta and Bharat Aluminium, she added.
Commenting on the news, Singhvi said that this was indeed very big news especially because the government has initiated an investigation on the anti-dumping subsidy issue.
At the time of the breaking of this news, Vedanta Limited’s shares were trading at the day’s high from the previous close on Wednesday at Rs 132.50. it’s crossed the 130 marks after an extended time, Singhvi said.
Read more Private Sector News on India Frontline.