The Narendra Modi Government has extended the anti-dumping duty on metal imports from China. The move is aimed at helping the domestic metal industry to compete with cheap quality metal imports in India. However, Zee Business Managing Editor Anil Singhvi has said that it will have almost ‘zero’ impact on metal stocks and therefore, one should not buy metal stock on the basis of this news only.
Speaking on the impact of anti-dumping duty extension on metal imports from China, Anil Singhvi said, “The metal products that are being imported from China is worth Rs 50 crore only. Now, if we compare this number with the entire Indian metal industry, then it’s almost negligible and hence I would say that the Indian Government’s decision to extend anti-dumping duty on the metal imports from China will have almost zero impact on the Indian metal sector.”
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Singhvi said that metal stocks have gained in the recent times and that should not be linked with the Indian Government’s decision to extend anti-dumping duty on metal imports from China. He said that it was already there and it has been only been extended.
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एंटी डंपिंग ड्यूटी की खबर से न खरीदें मेटल शेयर…अनिल सिंघवी ने कहा- इस खबर से मेटल शेयरों को कोई फायदा नहीं#EditorsTake #AntiDumpingDuty #NSE #BSE #Sensex #Nifty @AnilSinghvi_ pic.twitter.com/xz2M60B318
— Zee Business (@ZeeBusiness) June 24, 2020
“We have been recommending metal stocks but that is not because of this news. There is a devoted lot of stock investors who prefer to invest in metal stocks and for them we have earlier recommended stocks like Tata Steel, Vedanta and Hindalco Industries but we never said that these stocks will rise because of this news. Those recommendations had other reasons and hence one should not put their money behind any metal stock only because of this anti-dumping duty extension news,” concluded Anil Singhvi.