The Nifty Metal Index jumped 2% on Wednesday after media reports said that the government may hike import duty on some steel products to 15%.
JSW Steel, Jindal Stainless (Hisar), and SAIL, which gained ~4% each, led the rally in the index. Jindal Steel and Tata Steel also contributed to the rally by gaining ~3% each. Shares of NALCO, Hindalco, and Coal India were also trading up ~2%, followed by gains in Hindustan Copper, NMDC, and Welspun Corp, which were up 1% each.
According to media reports, the steel ministry has proposed to hike the import duty on steel products to 15% of current duty ranging from 5% to 12.5%.
Further, according to the government data, in the first quarter of FY19 inward shipment of steel jumped 15% yoy to make India a net steel importer for the first time in two years.
JSW Steel, Jindal Stainless (Hisar), and SAIL, which gained ~4% each, led the rally in the index. Jindal Steel and Tata Steel also contributed to the rally by gaining ~3% each. Shares of NALCO, Hindalco, and Coal India were also trading up ~2%, followed by gains in Hindustan Copper, NMDC, and Welspun Corp, which were up 1% each.
According to media reports, the steel ministry has proposed to hike the import duty on steel products to 15% of current duty ranging from 5% to 12.5%.
Further, according to the government data, in the first quarter of FY19 inward shipment of steel jumped 15% yoy to make India a net steel importer for the first time in two years.
No comments:
Post a Comment