Steel company stock prices held steady, rising up to 19% on Monday. This increase follows the government’s removal of export taxes on raw materials and steel products after roughly six months. The announcement states that iron ore pellets and lumps that are less than 58% Fe will not be subject to export taxes, but grades that are higher than 58% Fe will be subject to a 30% tax.
The 15% export tariff applied prior on hot-rolled, cold-rolled, alloy, and non-alloy flat steel goods with a thickness of 600mm or greater has since been removed. The current policies, according to a statement from the ministry of finance, will provide the domestic steel industry a boost and increase exports. The decision was a huge relief for the steel sector, which had prepared a huge capacity expansion plan.
Following the news, the BSE saw gains of more than 3% for the stocks of Godawari Power & Ispat (GPIL), Prakash Industries, Jindal Stainless, Sarda Energy & Minerals, Jindal Stainless (Hisar), NMDC, and Steel Authority of India (SAIL). The S&P BSE Sensex, in contrast, was down 0.82 % at 61,151 at 10:45 am.
GPIL, one of the individual stocks, increased 19% to Rs 323.80 per share thanks to high volume. As about 4.5 million shares traded hands on the NSE and BSE, the average trading volumes on the counter increased by more than seven times.
For feedback and suggestions, write to us at editorial@iifl.com
IIFL Customer Care Number 
IIFL Capital Services Support WhatsApp Number
