​​​
  1. Seafood companies in choppy waters as US suggests anti-dumping duty hike on shrimps

Seafood companies in choppy waters as US suggests anti-dumping duty hike on shrimps

Shares of seafood farming companies fell on Monday after the US department of commerce suggested an increase in anti-dumping duty on Indian shrimp to 2.34% from 0.84%.

By: | Mumbai | Published: March 13, 2018 1:53 AM
Seafood, Seafood companies, anti dumping, anti-dumping duty hike, shrimps Shares of seafood farming companies fell on Monday after the US department of commerce suggested an increase in anti-dumping duty on Indian shrimp to 2.34% from 0.84%.

Shares of seafood farming companies fell on Monday after the US department of commerce suggested an increase in anti-dumping duty on Indian shrimp to 2.34% from 0.84%. The US releases its preliminary rates in March and the final rates in September after discussions with concerned parties. Shares of Chennai-based aquaculture company Waterbase fell the most by 5.62% to Rs 258.55 on Monday. Shares of other industry players too declined with KSE Limited losing 4.9%, Avanti Feeds 3.2% and Godrej Agrovet 1.3%. However, analysts termed the sell-off as a knee-jerk reaction. “The current hike suggested by US DOC is still preliminary. Last year, the authority had suggested an anti-dumping duty rate of 1.07% in its preliminary review, but revised it down to 0.84% in its final review. Hence, there remains a possibility of the 2.34% duty levied currently being lowered during the final review in September. Even if the rate is finalised at 2.34% in the second half of the year, we do not see any major disruption in export volumes,” said Depesh Kashyap, analyst at Equirus in a report. US levies anti dumping duties on shrimp imports from India, China, Thailand and Vietnam. This preliminary review, for the period 1 Feb 2016 to 31 Jan 2017, covers 231 producers and exporters across India.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Go to Top