Graphite India falls after US sets anti-dumping duty on some electrodes
BUZZ-Graphite India falls after US sets anti-dumping duty on some electrodes ** Shares of Graphite India GRPH.NS fall as much as 2.69% to 780 rupees
** Co says US sets preliminary dumping margin of 12.22% on its exports of large-diameter graphite electrodes, requiring importers to deposit duties at a 9.88% rate after adjustment for subsidies
** ICICI Securities says proposed anti-dumping duty, along with existing 3.68% countervailing duty, would take Graphite India's combined US duty burden to 13.56%
** Brokerage views development as a negative as US is a relatively higher-margin market and higher duties could hurt co's export competitiveness
** Adds final impact will depend on outcome of ongoing US investigations and co's ability to pass additional duty burden on to customers
** Co says financial impact cannot be determined at this stage
** YTD stock up 23.27%
(Reporting by Surbhi Misra in Bengaluru)
((Surbhi.Misra@thomsonreuters.com | X: https://twitter.com/SurbhiMisra_ |;))
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