Here’s why Maan Aluminium shares were locked in 20% upper circuit today | News on Markets
The stock is trading close to its 52-week high level of Rs 175.5 that it touched on February 14, 2024. It has rallied 53 per cent from its previous-month low of Rs 112 that it hit on August 14.
The US Department of Commerce announced affirmative final determinations in its antidumping (AD) investigations of aluminum extrusions from the People’s Republic of China (China), Colombia, Ecuador, India, Indonesia, Italy, Malaysia, Mexico, the Republic of Korea (Korea), Taiwan, Thailand, the Republic of Türkiye (Türkiye), the United Arab Emirates (UAE), and the Socialist Republic of Vietnam (Vietnam), and countervailing duty (CVD) investigations of aluminum extrusions from China, Indonesia, Mexico, and Türkiye.
According to the US department of commerce’s order announcing the final duty to be levied, Maan Aluminium is the only company from India that has been awarded ‘Zero’ rate of anti dumping duty for the export of aluminium extrusions to the US, the company said in an exchange filing.
Till 01:26 PM, a combined 3.94 million equity shares, representing 7.3 per cent of the total equity of Maan Aluminium, had changed hands on the bourses. There are pending buy orders for a combined 420,000 shares on these exchanges, data shows. In comparison, the BSE Sensex was down 1.4 per cent at 84,367 around the same time.
Maan Aluminium is engaged in the business of manufacturing and trading of aluminium profiles, anodizing and fabrication of profiles, aluminium ingots, and aluminium billets, among other related activities.
The demand for aluminium may continue to be driven further by the pick-up in the infrastructure projects, including construction of bridges, roads, ports, metro rails and low budget housing segment, bringing opportunities for growth in this sector. The long-term outlook for aluminium is expected to be positive.
India is a leading player in the global aluminium industry with the second largest aluminium production capacity of about four million tonnes per annum (MTPA). India’s aluminium demand is estimated to double again by the year 2025, with the current resilient GDP growth rate driven by increasing urbanisation and the push for boosting domestic infrastructure, automotive, aviation, defence and power sectors.
Maan Aluminium said it continues to work towards strengthening its domestic order book and improving the international order book going forward. The company’s present order book and the opportunities in the Indian metals space as well as International market give it good visibility towards a sustainable and profitable growth going forward.
The company expects to cater to the electric vehicle (EV), solar, and defense industry, with these addition. This project is expected to kick off by financial year 2024-25, Maan Aluminium had said in its FY24 annual report.
First Published: Sep 30 2024 | 2:27 PM IST
Post Comment