Steel stocks surged up to 14 per cent in Wednesday's trade after the government announced an extension of safeguard duty of up to 20 per cent on certain steel products till March 2018, a move seen as a bid by the policymakers to guard the domestic industry against cheaper imports from China.SAL Steel, a penny stock, surged 14.07 per cent to Rs 3. Kalyani Steels, Monnet Industries, Nova Iron & Steel and RMG Alloy Steel jumped 5.71 per cent, 4.93 per cent, 4.35 per cent and and 3.95 per cent, respectively.
The board of safeguards (BoS) at its meeting last week had recommended the restrictive duty to the finance ministry.Bhushan Steel rose 3 per cent to Rs 36. Jai Corp gained 2.74 per cent to Rs 69.40. Jindal Saw rose 3.48 per cent to Rs 38.70. Welspun Corp added 2.17 per cent to Rs 96.70. Read More - Steel Tips
The government, meanwhile, said there would be no safeguard duty on steel imported at or above the minimum import price ( MIP) as stipulated by the government.Large steelmakers Jindal Steel, Tata SteelBSE 6.75 % and JSW SteelBSE 3.47 % added 1.88 per cent, 1.79 per cent, 1.68 per cent, 1.11 per cent, respectively.
Written by Unknown
We are Creative Blogger Theme Wavers which provides user friendly, effective and easy to use themes. Each support has free and providing HD support screen casting.
0 comments:
Post a Comment