HFCL hits new high

HFCL is among the top five gainers on the BSE; the stock, which had closed at Rs.117.80, opened at Rs.123.15 and rose to a new 52-week at Rs.129.

The company announced yesterday that the European Commission determined that HFCL is the only Indian company not engaged in dumping of OFC in European markets whereas provisional Anti-dumping duty has been determined on all other Indian optical fiber cable manufacturers.

Anti-dumping laws are usually put in place to shield domestic industries from unfairly priced imports.

This now makes the company the only Indian optical fiber cable manufacturer to have been exempted from anti-dumping duties by European Commission. Anti-dumping duty was however, levied on all other Indian manufacturers optical fiber cables against which these manufacturers have legal recourse.

HFCL has been operating in Europe for over a decade and is having long term engagements with some of the leading telcos and ISPs in many countries of Europe.

The complaint was lodged on 3rd October 2023 by Europacable on behalf of the European industry of optical fiber cables, alleging that imports of OFC, originating from India, were being dumped and were causing injury to the European industry. The European Commission subsequently conducted an extensive investigation of all relevant Indian OFC manufacturers’ products, infrastructure and financial data. During the mid of November 2023, notices were sent to Indian OFC manufacturers. European Commission requested initial sales data from export producers within a week. Thereafter, Extensive data on manufacturing, sales, exports, and pricing for October 2022 – September 2023 were provided within a month’s timeline, as required by the European Commission. The European Commission then requested data for the previous three financial years, along with detailed records for the investigation period and it was post these investigations that this verdict was released.