Tata Steel rises on Cenvat rate cut

DALAL STREET SPIKES

Tata Steel spurted by 7.22 per cent to end at Rs 196, as the government’s initiative to cut ad valorem Cenvat rate by 4 per cent on long products, which are extensively used in construction activities, would benefit the company.

Excise duty on these products would be down from 14 per cent to 10 per cent and these rates would be effective for the rest of the fiscal. The stock made an intraday high of Rs 204.85 and a low of Rs 188.3, with trading volumes of 75,92,043 shares (around 1.6 times its two-week average).