According to Rajiv Goel, CFO of ISMT FY14 witnessed a contraction in demand for seamless pipes and the company had to undergo massive price cuts on account of volume dumping by Chinese players.
Rajiv Goel, CFO, Indian Seamless Metal Tubes Limited ( ISMT ) said government imposing of safeguard duty on the import of seamless pipes and tubes, which are used in equipment for power generation, oil exploration, and bearing industry is a welcome step and will bode well for the domestic producers.
According to Goel, FY14 witnessed a contraction in demand for seamless pipes and the company had to undergo massive price cuts on account of volume dumping by Chinese players.
However, for FY15 the company is targeting a revenue growth of 15-17%, said Goel
ISMT is one of the most diversified manufacturers of specialised seamless tubes and producer of wide range of alloy steels.
Safeguard and anti-dumping duty are imposed in cases where there is a fear that excessive or cheap import will harm the domestic industry. Safeguard duty is imposed on import from a group of countries, while anti-dumping duty is levied on import from one particular country.
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ISMT stock price
On August 20, 2014, at 14:09 hrs ISMT was quoting at Rs 19.00, up Rs 1.25, or 7.04 percent. The 52-week high of the share was Rs 20.60 and the 52-week low was Rs 8.55.
The latest book value of the company is Rs 21.81 per share. At current value, the price-to-book value of the company was 0.87.
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