Struggling steel stocks get help from rally
Broader market rally eventually helped steel stocks recoup losses and finish with gains.
Tata Steel rebounded into green and finished with a gain of 1.4% at Rs 275. SAIL too moved up nearly 2% to Rs 122. While Tata Steel witnessed trades of around 5.46 million shares, around 2.6 million SAIL shares were traded at the counter on the BSE.
Welspun Gujarat soared 6.5% to Rs 116. Jindal Steel surged over 4% to Rs 1,630.
Bhushan Steel ended flat at Rs 663. JSW Steel and Ispat Industries, however, slipped over 1% each to Rs 418 and Rs 15.06, respectively.
| STEEL STOCKS RECOVER | ||||
| Company Name | Day's Low | |||
Day's Close
Net Chg
% Chg
________________________________________________________
(Updated at 1049 hrs)
Steel stocks have gone down this morning, following a delay in government's decision to impose a safeguard duty on intermediate products, hot rolled coils. The government expects steel companies to lower prices before imposing the duty.
Tata Steel has slumped 3.5% to Rs 263. Around 724,276 shares of the company have been traded on the BSE today.
SAIL has shed 3.5% to Rs 116. The counter has seen trades of around 494,267 shares so far.
JSW Steel has tumbled 5% to Rs 402. Bhushan Steel and Ispat Industries have declined 4.5% each to Rs 636 and Rs 15, respectively.
Welspun Gujarat has dropped 1% to Rs 108. Jindal Steel, however, is flat at Rs 1,575.