Union Budget 2016: Export duty on iron ore cut to nil; Vedanta, NMDC gain

The export duty on Iron ore fines with Fe content below 58% has been reduced from 10% to nil; Iron ore lumps with Fe content below 58% and Chromium ores and concentrates, all sorts has been reduced from 30% to nil.

Feb 29, 2016 08:02 IST India Infoline News Service

Iron ore exports from the country are expected to gather steam as government has cut export duty on iron ore to nil. The export duty on Iron ore fines with Fe content below 58% has been reduced from 10% to nil; Iron ore lumps with Fe content below 58% and Chromium ores and concentrates, all sorts has been reduced from 30% to nil. Besides, export duty on Bauxite has been reduced from 20% to Nil. The government had, with effect from April last year, reduced export duty on ore containing less than 58% iron to 10% from 30% earlier, but kept the duty on higher-grade ore at 30%.
Vedanta Ltd is currently trading at Rs. 74.75, up by Rs. 2.95 or 4.11% from its previous closing of Rs. 71.8 on the BSE. The scrip opened at Rs. 72.3 and has touched a high and low of Rs. 76.65 and Rs. 70.75 respectively. So far 16062544(NSE+BSE) shares were traded on the counter.

NMDC Ltd is currently trading at Rs. 80.85, up by Rs. 0.9 or 1.13% from its previous closing of Rs. 79.95 on the BSE. The scrip opened at Rs. 80.1 and has touched a high and low of Rs. 81.6 and Rs. 79.25 respectively. So far 2163016(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 31697.78 crore.

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