Shares of Bharat Heavy Electricals Ltd (BHEL) on Wednesday
gained over 2 per cent after the government imposed 35 per cent safeguard duty on electrical insulators imported from China.
The move is expected to help domestic players battle cheap shipments.
After surging little over 3 per cent during the day,
shares of the company finally settled at Rs 238.30, up 2.38 per cent on the Bombay Stock Exchange (BSE). On the National Stock Exchange (NSE), the stock ended 2.19 per cent higher at Rs 237.70.
The safeguard duty on certain insulators would be for a period of two years - 35 per cent for first year and 25 per cent in subsequent year, according to the Revenue Department.
The move follows recommendations for the imposition of the duty by the Directorate General of Safeguards (Customs & Central Excise).
Shares of Aditya Birla Nuvo also ended the day on a positive note with a gain of 0.21 per cent at Rs 1,118.20.
Meanwhile, the BSE Sensex ended at 19,714.24, up 133.43 points.
With inputs from PTIDisclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
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