Shares in state-run power equipment maker Bharat Heavy Electricals rose to a nine-month high on Thursday after the industry ministry said it will seek duty on Chinese and Korean imports to level the field for domestic vendors.
Heavy industries minister Praful Patel said he would write to power minister Sushilkumar Shinde and finance minister Pranab Mukherjee seeking imposition of duty to give homegrown companies such as Bhel and L&T a level playing field against cheaper imports.
Patel had convened a meeting of top bureaucrats and public sector companies on Thursday to consider the demand of domestic manufacturers to curb imports of power equipment. Indian companies have been demanding a 14% duty on imported equipment, particularly from China, as a cushion against local manufacturing taxes.
more at:
http://economictimes.indiatimes.com/markets/stocks/stocks-in-news/bhel-shares-jump-on-import-duty-talks/articleshow/10599531.cms
Thursday, November 3, 2011
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