Latest News
-
Sakuma Exports Secures Rs. 150 Cr Deal; Okays Rights Issue Amidst Positive Outlook -
Here Are Some Best All-Round Credit Cards Of 2024 Which Could Lead To Maximum Savings! -
Stock To Buy: Multibagger Tata Stock Hits 20% Upper Circuit, Gains 37.22% In 1-Week; TP Rs 1100 -
Closing Bell: Sensex, Nifty Extend Gains 3rd Day; India VIX Records Biggest Single Day Fall Since May 2019 -
Mutual Funds: 10 PSU Stocks Have Reduced Holdings -
Air India Joins Into Codeshare Pact With Japan's All Nippon Airways -
Razorpay Declares 'UPI Switch' In Partnership With Airtel Payments Bank -
Shriram Finance Introduces Online Fixed Deposits At 8.15% Returns -
Silver Prices India, April 23: 1 Kg Silver Prices Fall By Rs 3,500 In Just 2-Days -
SEBI Investigates Adani Offshore Funds For Shareholding Disclosure Violations
Amber Enterprises, Voltas, Blue Star Gain After Govt Bans AC Imports
Stocks of AC manufacturers rose on Friday after the Directorate General of Foreign Trade (DGFT) banned imports of air conditioners with refrigerants with a view to promote domestic manufacturing and cut imports of non-essential items.
"Import policy of air conditioners with refrigerants ...is amended from free to prohibited," DGFT said in a notification.
As part of its Atma Nirbhar Bharat mission, the government is taking steps to promote domestic manufacturing and reduce the import bill of non-essential items.
Shares of Amber Enterprises, which manufactures AC machines including motor vehicle ACs, rose over 15 percent on Friday to touch a new 52-week high of Rs 2,228.
As a sentiment effect, Voltas, Blue Star and Johnson Controls also gained 4-5 percent, while Havells India (which owns Lloyds) gained around 2 percent intraday.
"This is in line with the government thinking of reducing import dependence in this segment. Majority imports of in this segment come from China and Thailand," said Dolat Capital.
"This should not significantly impact the listed players like Voltas, Blue star, Havells (Lloyds) who don't have much import of full AC units. These players, in any case, have their own assembly/manufacturing units and import at the component levels," the brokerage added.
