Budget 2024 Chemical Sector Update

Vaishnavi Chauhan
/ Categories: Trending, Mindshare, Budget 2024
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.

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