Mumbai : The government on Friday allowed import of petcoke for use as feedstock in some industries, sending shares of cement manufacturers higher.
“Import of pet coke (petroleum coke) for fuel purpose is prohibited. However, import of pet coke is ‘free’ for cement, lime kiln, calcium carbide and gassification industries for use as feedstock or in the manufacturing process only on actual user basis,” the Directorate General of Foreign Trade said.
Cement companies, which account for about three-fourths of the country’s petcoke use, were impacted by petcoke-related policy flip-flops, which began with a Supreme Court judgment banning use of the fuel in and around capital New Delhi last year. The directorate general of foreign trade banned the use of imported petcoke as fuel, but said shipments for use as feedstock in certain industries were allowed.
Shares of cement companies such as Ultratech Cement, Shree Cement, Ambuja Cements and ACC rose following the announcement.