Steel cos shares in high demand; Jindal Stainless surges 12%

Steel stocks were in high demand today after the government imposed anti-dumping duty of up to 57.39 per cent on import of certain stainless steel products from China, Korea, the US and EU for five years to save the domestic industry from cheap shipments.
Shares of Jindal Stainless surged 11.69 per cent, JSW Steel gained 5.52 per cent and Jindal Steel & Power went up 4.78 per cent on BSE.
Similarly, Tata Steel was up 1.72 per cent and Steel Authority of India Ltd rose 1.44 per cent.
The BSE metal index ended 2.40 per cent higher at 7,068.35.
India on Friday imposed anti-dumping duty of up to 57.39 per cent on import of certain stainless steel products from China, Korea, the US and EU for five years to save the domestic industry from cheap shipments.

Earlier also the duty was imposed on such imports, the period expired in April this year.
Before the expiry, Jindal Stainless, a major domestic manufacturer, has moved Directorate General of Anti- dumping and Allied Duties (DGAD) and requested for continuation and enhancement of the levy.