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In a notification issued by finance ministry on Thursday, it was found out that the pigments exported from China PR were at a price below their normal value, leading to dumping. This has caused material injury to the domestic industry, it said in a statement.
Subsequently, the anti-dumping duty is imposed on natural mica-based pearl industrial pigments, excluding cosmetic-grade products. The anti-dumping duty will be levied for a period of five years, the finance ministry said.
The counter saw heavy demand as Sudarshan Chemicals is the sole producer of pigments in India. On the BSE, 3.71 lakh shares were traded in the counter so far compared with average daily volumes of 2.43 lakh shares in the past two weeks. While on the National Stock Exchange, a total of 96.66 lakh shares were traded so far compared to a fortnightly average of 5.19 lakh shares.
Sudarshan Chemical Industries manufactures color pigments, which are used in paints, printing inks, plastics, rubber artist materials, and textile printing. The group also manufactures a basic range of pesticides.
On a consolidated basis, the company reported a 43.7% rise in net profit to Rs 26.16 crore on a 36.15% rise in net sales to Rs 471 crore in Q1 FY22 over Q1 FY21.
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