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Shares of select steel stocks are firming up as the Finance Ministry has raised the import duty on flat and long steel products to prevent the domestic steel company from heavy import.
However, CRG steel and stainless steel have been kept out of the hike.
With effect from Wednesday, duty on flat steel products will be 10 per cent from 7.5 per cent, while on long steel products it will be 10 per cent against the present 5 per cent. This move has been taken after the Steel Ministry pitched hard for duty hike.
For Tata Steel, the news of import duty hike came as an additional boost following reports that the agitating workers in the UK have temporarily called off their industrial action.
The Tata Steel stock ended up Rs 10.65 or 3.62 per cent at Rs 305.10 on the BSE.
SAIL gained ₹1.10 to finish at ₹61.15 and JSW Steel shares zoomed by ₹27.70 to ₹867.
JSPL was another stock that rose. It finished higher by 0.89 per cent at ₹96.
Smaller steel companies also gained. Bhushan Steel rose ₹2.05 to ₹59.55 and Kalyani Steels gained ₹7.5 to ₹116.30.
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