Budget 2024 Chemical Sector Update
BCD on ammonium nitrate increased from 7.5 to 10 per cent.
Finance Minister Nirmala Sitharaman presented the Modi 3.0 government's Budget today. To support both existing and new capacities in the pipeline, she proposes increasing the basic customs duty (BCD) on ammonium nitrate from 7.5 per cent to 10 per cent.
Plastics, especially PVC flex banners, are non-biodegradable and harmful to the environment and health. To curb their imports, she proposes raising the BCD on these items from 10 per cent to 25 per cent.
Starting from July 24, 2024, there will be an increase in customs duties for certain commodities. The duty on laboratory chemicals under heading 9802 will see a steep hike from 10 per cent to 150 per cent.
The budget announcement affects certain fields significantly.
1) Fertilizer prices might change based on how much ammonium nitrate is used and if there are good substitutes. However, research and development might suffer due to the higher costs of essential chemicals.
2) Pharmaceutical companies could see higher production costs, which might lead to increased drug prices.
3) Educational institutions with laboratories could also face budget challenges.
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Here is the list of 20 stocks from chemical sector:
|
Company Name
|
Current Price
|
Market Capitalization
|
Return over 1year
|
|
Pidilite Inds.
|
3171.25
|
161292.7
|
18.81
|
|
SRF
|
2344.6
|
69499.78
|
10.41
|
|
Linde India
|
7951
|
67806.12
|
76.41
|
|
Deepak Nitrite
|
2838.45
|
38714.53
|
43.3
|
|
Gujarat Fluoroch
|
3200
|
35151.96
|
19.46
|
|
Godrej Industrie
|
894.95
|
30132.13
|
85.21
|
|
Tata Chemicals
|
1045.05
|
26623.61
|
7.73
|
|
Aarti Industries
|
687.05
|
24906.82
|
50.1
|
|
BASF India
|
5690
|
24632.02
|
112.43
|
|
Castrol India
|
246.6
|
24391.7
|
85.35
|
|
Atul
|
7266.3
|
21393.29
|
8.48
|
|
Vinati Organics
|
1963
|
20349.62
|
9.14
|
|
Himadri Special
|
408.35
|
20152.68
|
190.73
|
|
Navin Fluo.Intl.
|
3563
|
17668.57
|
-18.81
|
|
Fine Organic
|
5182.75
|
15890.25
|
12.16
|
|
Clean Science
|
1457.6
|
15488.61
|
10.79
|
|
Aether Industri.
|
888.8
|
11781.07
|
-16.17
|
|
PCBL Ltd
|
276.95
|
10453.93
|
82.38
|
|
Alkyl Amines
|
2012.1
|
10288.12
|
-15.89
|
|
Galaxy Surfact.
|
2802.85
|
9937.46
|
4.77
|
Disclaimer: The article is for informational purposes only and not investment advice.