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Shares of Maan Aluminum jumped 20 per cent to Rs 171.30 on the BSE during intraday trade on Monday after the company announced that it has been granted ‘zero’ anti-dumping duty rate for the export of aluminum extrusions to the United States.
The stock is trading near its 52-week high of Rs 175.5 which it touched on February 14, 2024. It is up 53% from its previous month’s low of Rs 112 which it reached August 14.
The U.S. Department of Commerce announced final affirmative determinations in its antidumping (AD) investigations into aluminum extrusions from the People’s Republic of China (China), Colombia, Ecuador, India, Indonesia , Italy, Malaysia, Mexico and the Republic of Korea (Korea). , Taiwan, Thailand, the Republic of Turkey (Türkiye), the United Arab Emirates (UAE) and the Socialist Republic of Vietnam (Vietnam), as well as countervailing duty (CVD) investigations on extrusions of aluminum from China, Indonesia, Mexico and Turkey. .
According to the US Department of Commerce’s order announcing the final duty to be collected, Maan Aluminum is the only Indian company to enjoy a “zero” anti-dumping duty rate for the export of aluminum extrusions to the US , the company said in a statement. an exchange file.
Till 1:26 p.m., a total of 3.94 million shares, representing 7.3 percent of Maan Aluminum’s total capital, had changed hands on the bourse. There are pending buy orders for a total of 420,000 stocks on these exchanges, according to the data. In comparison, the BSE Sensex was down 1.4 percent at 84,367 around the same time.
Maan Aluminum is engaged in the manufacturing and trading of aluminum profiles, anodizing and fabrication of profiles, aluminum ingots and aluminum billets, among other related businesses.
Aluminum demand could continue to be driven by the resumption of infrastructure projects, including the construction of bridges, roads, ports, subways and low-cost housing, providing growth opportunities in this sector. The long-term outlook for aluminum is expected to be positive.
India is a major player in the global aluminum industry, with the second largest aluminum production capacity of approximately four million tonnes per annum (MTPA). India’s aluminum demand is estimated to double again by 2025, with the current GDP growth rate supported by increasing urbanization and the drive to boost domestic infrastructure, automobiles, aviation , defense and energy sectors.
Maan Aluminum said it continues to work towards strengthening its domestic order book and improving its international order book in the future. The company’s current order book and opportunities in the Indian metals sector as well as the international market give it good visibility towards sustainable and profitable growth in the future.
The company also plans to increase its installed extrusion capacity from 10,000 tonnes to 24,000 tonnes per year, by installing state-of-the-art extrusion presses from Italy, capable of extruding aluminum billets of 7 to 9 inches in diameter.
With these additions, the company plans to meet the needs of the electric vehicle (EV), solar and defense sectors. This project is expected to start by FY 2024-25, Maan Aluminum said in its FY24 annual report.
First publication: September 30, 2024 | 2:27 p.m. STI