Steel stocks gain on 5% import duty

19 Nov 2008, 1040 hrs IST

Steel shares gained momentum after the government imposed a 5 per cent duty on imports of steel and iron products to protect domestic makers from cheaper imports.

The BSE metal index was up by 3.14% in early trade. Steel Authority of India was up 4.2 percent at Rs 64, Tata Steel rose 3 per cent to Rs 169.7, JSW Steel traded at Rs 244.5, up 1 per cent while Ispat Industries was up 1.9 percent at Rs 10.8.


The government on Tuesday (18 November 2008) slapped a 5% import duty on specified iron and steel products and 20% duty on crude soyabean oil in a move aimed at safeguarding the interests of domestic industry. While bringing cheer to the industry, the move is also expected to give a marginal relief to the government revenues as well.