Six metal and mining stocks fell 0.7% to 2% at 14:40 IST on BSE after Finance Minister Arun Jaitley announced hike in customs duty on iron & steel and articles of iron or steel, falling under Chapters 72 and 73 of the Customs Tariff, from 10% to 15%.
Sesa Sterlite (down 1.01%), National Aluminium Company (down 0.83%), Hindustan Zinc (down 1.18%), NMDC (down 1.47%), JSW Steel (down 0.7%), and Hindalco Industries (down 2%) edged lower. Jindal Steel & Power (up 0.93%), Tata Steel (up 0.61%), and Steel Authority of India (up 0.43%) edged higher.
Meanwhile, the S&P BSE Sensex was down 163.68 points or 0.56% at 29,056.44.
Finance Minister Arun Jaitley in his first full-fledged Union Budget 2015-16 today, 28 February 2015, announced hike in customs duty on iron & steel and articles of iron or steel, falling under Chapters 72 and 73 of the Customs Tariff, from 10% to 15%. However, there is no change in the existing effective rates of basic customs duty on these goods.
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