SHARE MARKET LATEST NEWS- From Tata Steel, SAIL to JSW Steel— metal stocks rise 1-2%. Here’s why
The Nifty Metal index rose 1.5% to an intraday high of 8,783, marking its sixth consecutive gain. Major stocks like Tata Steel and Hindalco saw increases following the Indian government's 12% safeguard duty on steel imports, aimed at protecting the domestic industry.
Most metal stocks, including Tata Steel, Jindal Stainless, SAIL, Jindal Steel & Power and JSW Steel, rose 1-2 per cent in morning trade on Tuesday, April 22, after the Indian Government imposed a 12 per cent safeguard duty on steel imports.
The government on Monday imposed a 12 per cent safeguard duty on steel imports in a move to protect the domestic steel industry.
As per a government notification issued on Monday by the Ministry of Finance, the safeguard duty would be applicable for 200 days with effect from Monday, 21 April.
The safeguard duty on steel is a significant positive for domestic steel companies at a time when concerns have been rising that cheap imports from China will flood the domestic market following US President Donald Trump's tariff threats.
”We welcome the government’s decision to impose a safeguard duty on certain steel imports. This is a critical step in addressing the surge of unfairly priced imports to India," Mint quoted T. V. Narendran, CEO & MD, Tata Steel, as saying.
"Unchecked imports threaten domestic manufacturing, employment, and future investments. This decision will help restore fair competition, ensure the industry's long-term sustainability, and support India's vision of a self-reliant and globally competitive steel sector,” said Narendran.
Nifty Metal extends gains
The Nifty Metal index extended gains to the sixth consecutive session, hitting an intraday high of 8,783, rising 1.5 per cent in the morning session of trade on Tuesday.
Around 9:30 AM, the index was 1.22 per cent up at 8,759 with all 15 components in the green.
Shares of National Aluminium Company, Vedanta, Lloyds Metals And Energy, Hindustan Copper, Adani Enterprises, Hindalco Industries and NMDC rose between 0.50 per cent to 2 per cent.
“Investment in securities market are subject to market risks. Read all the related documents carefully before investing.”
Intensify Research Services is a professional stock consultive firm in Indore in share market latest news. We provide expert investment advice and guidance to individuals and High Net-Worth Individuals (HNIs), valuable trading tips and strategy Visit us at Intensify Research Services to learn more
