Industry & Economy
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Excise and Customs
Soda ash makers gain on safeguard duty
Our Bureau
Kolkata, Nov. 6
Stocks of soda ash manufacturers reacted positively to extension of 20 per cent safeguard duty on import of the item from China as the tenure of the April notification expired.
The Union Commerce Ministry on Thursday indicated that a notification would be issued shortly. An investigation suggested that there had been no let up in rise in import from China of this item between April and September.
Soda ash constitutes 40 per cent of the cost of detergents. Glass industry also uses soda ash.
While cheap import from China benefits detergent and glass units, it affects the pricing power for soda as producers at home and abroad.
Tata Chemicals, the second largest producer globally, has manufacturing facilities in India, Keneya, the UK. It is decommissioning a facility in the Netherlands. GHCL has manufacturing bases in Europe and the US. Nirma too makes soda ash. DCW is the other listed local manufacturer.
GHCL, despite its flat market price trend of late after reporting lower net profit in July-September quarter, shot up on Friday by 13.55 per cent. Tata Chemicals moved up 5.26 per cent at close and DCW finished up 4.42 per cent.
Nirma improved 6.5 per cent. HUL, which does not produce soda ash but markets detergents, declined by over 2 per cent.
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