Steel stocks shine after DGTR proposes 12% safeguard duty
Shares of five steel companies rose by 0.01% to 3.65% after the Directorate General of Trade Remedies (DGTR) recommended a 12% safeguard duty on certain steel imports to curb the influx.
The DGTR suggests this is a temporary duty for 200 days to protect the domestic industry from serious injury.The DGTR has invited comments on its findings within 30 days, after which an oral hearing will be conducted before reaching a final decision, according to the notice.
The Nifty Metal index was up 1% to 9,123.40. Steel Authority of India (up 3.65%), Tata Steel (up 2.29%), JSW Steel (up 1.11%), Jindal Stainless (up 0.81%) and Jindal Steel & Power (up 0.01%) surged.
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