HFCL Hits Two-Decade High After Relief In European Anti-Dumping Duties
The stock rose as much 9.37% during the day to Rs 129 apiece on the NSE.
Shares of HFCL Ltd. jumped over 9% on Tuesday to the highest in over 22 years after the European Commission determined that it was the only Indian company not engaged in dumping of optical fibre cables.
Anti-dumping duties would not apply to the Indian exporting product of the HFCL Group, which includes HFCL Limited and HTL Limited, as no evidence of dumping was found in the European markets. All other Indian optical fibre cable manufacturers are subject to provisional anti-dumping duties.
HFCL has operated in Europe for over a decade, maintaining long-term relationships with leading telcos and internet service providers in many European countries.
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On the NSE, HFCL's stock rose as much 9.37% during the day to Rs 129 apiece, the highest since Dec. 13, 2001. It was trading 7.42% higher at Rs 126.81 per share, compared to a 0.44% advance in the benchmark Nifty at 9:49 a.m.
The share price has risen 50.27% on a year-to-date basis and 94.07% in the last 12 months. The total traded volume so far in the day stood at 2.04 times its 30-day average. The relative strength index was at 72.08, implying that the stock may be overbought.
No analysts are tracking the company, according to Bloomberg.
