Shares of steel companies gained with the government on Wednesday raising import duty on a range of steel products.
Tata Steel rose 3.16% to Rs.254.70, Steel Authority of India Ltd (SAIL) 2.5% to Rs.59.50 and JSW Steel Ltd 0.8% to Rs.900.30. The BSE Metal index fell 1.89% to 8,123.91 points, while India’s benchmark Sensex fell 0.36% to 27767.05 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.
Source:livemint.com
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