AIA Engineering Limited has informed the Exchange regarding 'Intimation under Regulation 30 of SEBI (Listing Obligations AndDisclosure Requirements) Regulations, 2015 Determination of Countervailing Duties in Brazil'.
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Brazil's trade defense authority DECOM has reduced the countervailing duty on certain types of grinding media imported from India from 6.50% to 2.90%, effective immediately. The decision follows a Sunset Review triggered by a petition from Magotteaux Brasil Ltd, a competitor. The duty has been more than halved, which will make AIA Engineering's exports to Brazil more price-competitive. The original duty was imposed in response to allegations of subsidies, and the reduction suggests the subsidy margin was found to be lower than previously assessed.
Positive for AIA Engineering — lower countervailing duty improves pricing power and competitiveness in the Brazilian market, which should support export volumes and margins from this geography.