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

Tata Steel275.45259.0016.456.35 SAIL122.05115.106.956.04 Bhushan Steel612.10662.5550.457.61 Ispat Industries15.0614.510.553.79 JSW Steel417.95393.3024.656.27 Welspun Gujarat115.75104.4511.3010.82 Jindal Steel1629.551521.00108.557.14 (All figures in Rs)
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(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.