Multibagger HFCL stock surges 10% as European Commission exempts the company from anti-dumping duties

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HFCL (Himachal Futuristic Communications Limited), a company with diverse operations in telecom infrastructure, has experienced a remarkable surge in its stock value during today's early trade after the company on Monday said it is the only Indian optical fiber cable manufacturer to have been exempted from anti-dumping duties by the European Commission.Highlighting a decision by the European Commission on June 14, 2024, HFCL said: In the said decision, it was determined that HFCL is the only Indian company not engaged in the dumping of OFC in European markets, whereas provisional anti-dumping duty has been determined on all other Indian optical fiber cable manufacturers in the statement issued by the European Commission. This makes HFCL the only Indian optical fiber cable manufacturer to have been exempted from anti-dumping duties by the European Commission."Also Read: M&M share price hits record high as brokerages raise target priceThe company has been operating in Europe for over a decade and has long-term engagements with some of the leading telcos and ISPs in many countries in Europe.Following this positive development, the company's shares opened today's session with a 5% gap up at ₹121 apiece, compared to the previous day's close of ₹117, and continued to strengthen, reaching ₹129, marking a notable increase of 10.25%.Today's rally marks the ninth consecutive day of gains for the stock, during which it has surged by 52%.

Over the past three years, the company's shares have appreciated by 139%, and over the last five years, they have seen a remarkable rally of 525%.Also Read: Paras Defence and Space Tech share price surges over 18%. Here’s whyIn a strategic move aimed at enhancing national security and bolstering