The move comes after the Directorate General of Trade Remedies (DGTR) imposed an Anti-Dumping Duty (ADD) on the imports of Sulphenamides Accelerators from China, the US and the European Union for a period of five years.
Why Are Sulphenamides Accelerators Important For NOCIL?
NOCIL is India’s largest rubber chemicals manufacturer and it produces an entire suite of Sulphenamide Accelerators under the brand name Pilcure.
These additives are key in the rubber and tyre industry, used in the process of Vulcanisation.
Earlier in March, the commerce ministry had notified the Anti-Dumping Duty imposed on rubber accelerators from China, the US and the European Union.
Who Owns Stake in NOCIL?
At the end of the March quarter, promoters of NOCIL had a 33.76% stake in the company, as per its shareholding pattern uploaded on the BSE.
Mutual Funds of India have a 7.1% stake in NOCIL, led by ICICI Prudential Commodities Fund (3.35%), and Mahindra Manulife Smallcap Fund (2.39%).
Foreign Portfolio Investors have a 4.5% stake in the company.
As many as 1.6 lakh small retail shareholders, or those who have an authorized share capital of ₹2 lakh, have a 26.2% stake in the company.
Prashant Jain of 3P Investment Managers also has a 1.12% stake in the company, while Nilesh Kishor Shah owns a 1.74% stake.
Is NOCIL A Buy Or Sell?
Seven analysts have coverage on NOCIL, of which, three analysts each have a “buy” and “hold” rating, while another one has a “sell” rating.
Shares of NOCIL are up 18% on Monday, at ₹187.99. With this, the stock has extended its gains for the year to 23% and has reversed all the losses made over the last one month.
