Tata Steel, SAIL, NMDC among other steel stocks surged in Friday's trade on buzz of the government announcing safeguard duties for the sector. In fact, Nifty Metal was the only sectoral index that settled in green while others sectors ended in red.
Tata Steel CEO and managing director TV Narendran told CNBC-TV18 that the industry is expecting news from the Centre soon on safeguard duties after it presented concerns regarding the same to the latter.
Narendran on Friday said the Trump tariffs could strengthen the domestic ferrous companies' plea for protection, reported CNBC-TV18.
US President Donald Trump last week had announced the United States will impose 25 percent tariffs on all steel and aluminium imports.
Tata Steel shares settled 1.85 percent higher in Friday's trade at Rs 140.60 per share on the NSE. Earlier in the day, it hit an intraday high of Rs 141.60, rising 2.58 percent, while shares of Steel Authority of India (SAIL) rose to an intraday high of Rs 115.16 per share, up 4.84 percent. It settled 2.6 percent higher at Rs 112.70.
The shares of NMDC Ltd settled at Rs 67.40 apiece on the NSE, higher by 0.42 percent. The stock has been gaining for the last five days and has risen 9.37 percent in the period.
To that effect, these stocks have seen strong buying action this past week, which has also lifted the Nifty Metal index nearly 6 percent higher.
Steel and stainless steel industry players have been consistently raising the issue of import with the government, claiming the surge in inbound shipments from select group of countries including China has affected their competitiveness.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
