Steel stocks in focus; SAIL gains 4%, Jindal Steel hits 52-week high

India's top steelmakers have increased rebar and HRC (Hot Rolled Coil) price by around Rs 1,500-Rs 2,000 a tonne due to rising raw material cost, reports suggest

Shares of steel companies were in focus in an otherwise weak market after reports emerged that India's top steelmakers have hiked prices of rebar and HRC (Hot Rolled Coil) by Rs 1,500-Rs 2,000 a tonne due to inflated raw material cost.

Shares of Steel Authority of India (SAIL) gained 4 per cent to Rs 103.80, while Jindal Steel and Power (JSPL) hit a 52-week high of Rs 504.95, up 2 per cent on the BSE in Wednesday’s intra-day trade. JSW Steel and Tata Steel were up 1 per cent and 2 per cent, respectively. In comparison, the S&P BSE