Home >market >stock-market-news >Shares of steel companies jump as govt raises import duty

Mumbai: Shares of steel companies gained with the government on Wednesday raising import duty on a range of steel products.

Intra-day, shares of Tata Steel rose as much as 4.46% to 257.90, Steel Authority of India Ltd (SAIL) gained as much as 4.48% to 60.65, while JSW Steel Ltd added as much as 1.8% to 913.

The scrips of Tata Steel and SAIL closed 0.89% higher at 249.10, and 0.17% up at 58.15, respectively. Shares of JSW Steel, however, closed 2.12% lower at 877.90.

The BSE Metal index fell 4.37% to 7918.87 points, while India’s benchmark Sensex fell 1.27% to 27,512.26 points.

Basic customs duty on flat-rolled steel products has been raised to 12.5% from 10%, Bloomberg reported, quoting a finance ministry statement.

Import duties on iron and non-alloy steel ingots, bars, rods, wires of stainless steel, semi-finished products of iron have also been increased to 10%, the report added.

During 2014-15, India imported 9.3 million tonnes of finished steel, up 71.1% from a year ago.

Bloomberg contributed to this report

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