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Shares of metal companies jumped after Reuters reported that the government is considering raising the import duty on steel to support rupee. Nifty metal index rose as much 2.1 per cent, its biggest gain in nearly a week.
The Steel Ministry has proposed raising the import duty on some steel products to 15 per cent to support the rupee, according to two sources and a government document reviewed by Reuters. Last week, the government had outlined plans aimed at stemming the rupee's plunge, including cutting down of “non-necessary” imports without specifying details.
Tata Steel Ltd shares rose as much as 2.7 per cent to Rs 629.50, their highest since May 17; technicals suggest further gain. Hindalco Industries Ltd stock roses as much as 2.7 per cent to Rs 240.40, while Jindal Steel and Power Ltd were up as much as 3.7 per cent to Rs 237.75.
Also, JSW Steel Ltd climbed as much as 4.1 per cent to Rs 423.75 to hit a life-high. Nomura has initiated coverage with 'buy' and a price target of Rs 484.
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