Shares of Gujarat State Fertilizers and Chemicals (GSFC) jumped as much as eight percent on Tuesday as an anti-dumping duty on Caprolactam imports is seen benefitting the company.

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At 09:32 am, shares of GSFC rose five percent on the BSE at Rs 129.90. Shares of the company witnessed a gap-up opening with a gain of 6.95 percent today.

Shares of GSFC hit a new 52-week high of Rs 133.15 on Tuesday. The scrip has been gaining for the last three days and has risen nearly 15 percent during the period.

The stock is trading at a discount compared to its average historical valuations which suggest there is scope for a further upside.

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The Directorate General Trade Remedies has in its final finding recommended the initiation of anti-dumping duty investigation concerning imports of 'Caprolactum' originating in or exported from the EU, Korea RP, Russia and Thailand.

The imposition of anti-dumping duty is expected to protect the interests of domestic players and mitigate the hit to their margins.

GSFC has two Caprolactam plants having rated capacities of 20,000 TPA and 50,000 TPA.

Caprolactam is a base material used for manufacturing Nylon-6. Other applications include manufacturing Nylon-6 fibres for textile and tyre cord, moulding engineering components and other extrusion profiles and monomer castings.

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First Published:Sept 28, 2021 10:08 AM IST