The trade war is literally on the shores of India. The US yesterday increased the anti-dumping duty on Indian shrimps by 60% to 1.35%. The US has stated that India is selling frozen shrimps in the USA at less than nominal value during the period of review (POR), 1st Feb’16 to 31st Jan’17. This review covered 231 producers and/or exporters to US.
This is a bad blow to the sector which was as such reeling under low and uneconomical pricing.
Those in the sector say that companies in India that export to USA will hurt.
Thapar group Waterbase hit the 5% LC at Rs.146.20; Avanti Feeds hit a new 52-week low today morning at Rs.390; Apex Frozen Foods is down over 4.5% at Rs.350.