HFCL shares: Amidst a surge in the overall market on Tuesday, shares of HFCL reached a new 52-week high. The stock increased 9.21% to settle at Rs 128.80 on the BSE, up from the previous closing of Rs 117.80. On the BSE, HFCL’s stock opened higher at Rs 123.15.
Following the company’s announcement that it had been released from the temporary anti-dumping duties imposed on all other Indian makers of optical fiber cable (OFC) by the European Commission, sentiment surrounding the stock was positive.
HFCL shares have surged by 86.60% over the past year and have gained 51% since the beginning of this year, pushing its market capitalization on BSE to Rs 18,437 crore. The trading volume saw 15.41 lakh shares exchanged, totaling a turnover of Rs 19.41 crore.
The stock, which has a beta of 1.9, which denotes significant volatility, closed at Rs 61.52 on October 26, 2023, and hit Rs 120.20 on June 14, 2024, its 52-week high. In technical terms, HFCL stock’s relative strength index (RSI) is at 67.1, suggesting it’s neither oversold nor overbought. Additionally, HFCL shares are trading above their 5-day, 10-day, 20-day, 30-day, 50-day, 100-day, 150-day, and 200-day moving averages.
HFCL stated in a communication to the stock exchanges that it was found to be the only Indian company not involved in the dumping of Optical Fibre Cable (OFC) in European markets. The European Commission’s provisional Anti-dumping duty was determined on all other Indian OFC manufacturers, as stated by the firm.
HFCL
HFCL mentioned that Europacable, representing the European optical fibre cable industry, filed a complaint on October 3, 2023, alleging that imports of OFC from India were being dumped and causing harm to the European industry.
Following this, the European Commission investigated the products, infrastructure, and financial data of all relevant Indian OFC manufacturers.
In June 2024, following a comprehensive investigation, the European Commission concluded that anti-dumping duties would not be imposed on the Indian exports of the HFCL Group, comprising HFCL Limited and HTL Limited, as no evidence of dumping was uncovered,” stated the company release.
HFCL stated that while anti-dumping duty was imposed on all other Indian manufacturers of Optical Fiber Cables, they have legal options to challenge this decision. This ruling by the European Commission underscores HFCL’s commitment to transparent and equitable business practices, the company remarked.
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HFCL Limited is a manufacturer with expertise in producing intelligent power systems, optical fiber cables, and telecommunication equipment. The company produces optical fiber cables, optical transport, power electronics, and broadband equipment for the telecommunication sector. It offers solutions for constructing wireless and optical telecommunication networks, including optical transport networks (DWDM), rural GSM networks, broadband access networks, radio backhaul, fiber to the home, and in-building solutions.
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