India's Piramal Pharma gains on anti-dumping probe on import of key product

Piramal Pharma (Mumbai)

02/04/2024 09:42

** Shares of Piramal Pharma  PIRM.NS  rise 3.5%, before trimming
gains slightly; last up 2.7%
    ** Indian government initiates anti-dumping investigation on
imports of Vitamin-A Palmitate from China, EU and Switzerland
    ** Co had filed a petition before directorate general of
foreign trade (DGTR) in June 2022, seeking an anti-dumping probe
    ** The sole producer of the product in India, Piramal says
dumped imports hurt domestic industries; alleges price
undercutting and suppression by imports
    ** Stock on track for fourth straight session of gains;
trading volumes at over 2.8 mln shares, 0.7x the 30-day avg
    ** Including session's gains, stock is down ~4% YTD

 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))