ANI
23 May 2022, 21:55 GMT+10
Mumbai (Maharashtra) [India], May 23 (ANI): Metal stocks plunged on Monday with Tata Steel crashing by around 13 per cent after the government on the weekend imposed hefty duties on exports of steel-making raw materials like iron ore and pellets.
Tata Steel crashed to the lowest level in over a year. The scrip tumbled 12.24 per cent to Rs 1027. It crashed to a low of Rs 1003.15 in the intra-day.
Steel Authority of India Limited (SAIL) crashed 10.30 per cent to Rs 74.45. The scrip hit a low of Rs 72.20 in the intra-day. This is the lowest level in 52 weeks.
Jindal SteelPower slumped 17.52 per cent to Rs 395. The scrip crashed to a low of Rs 391.30. JSW Steel dipped 13.21 per cent to Rs 547.50.
The share price of NDMC, Vedanta and Hindalco Industries also tumbled.
Metal stocks crashed after the government announced the imposition of hefty taxes on raw materials used for steel manufacturing.
On Saturday, the government announced upto 50 per cent increase in export duty on iron ore. Duties have been significantly increased on pellets and some other steel intermediaries.
The government has increased the duties on exports of these materials to boost domestic availability and curb price rise.
However, the Indian Steel Association (ISA) argues that the imposition of export duty on steel would send a negative signal to investors and adversely impact the sector's capacity utilisation.
Brokerage houses have downgraded major steel firms after the government's action on duty hikes. (ANI)
Get a daily dose of Mexico Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Mexico Star.
More InformationMumbai (Maharashtra) [India], April 18 (ANI): As multi-starrer romantic drama '2 States' completed a decade of its release on Friday, ...
Mumbai (Maharashtra) [India], April 18 (ANI): The Mumbai Crime Branch officials said on Wednesday that the individuals involved in the ...
In Moscow, street food is not just a snack during a walk, but a whole gastronomic adventure that allows you ...
Puducherry [India], April 17 (ANI): Puducherry fishermen expect Lok Sabha poll candidates to provide them with modern technology like GPS ...
New Delhi [India], April 17 (ANI): India is set to accommodate up to 17 pc of the global elderly population ...
Kolkata (West Bengal) [India], April 17 (ANI): The Trinamool Congress (TMC), which is contesting solo in West Bengal after failing ...
DENVER, Colorado: On April 14, Colorado's Democratic-controlled House passed a bill by a vote of 35-27 banning the sale and ...
COLUMBIA, South Carolina: Federal prosecutors said that Christine Mary Livingston, supervisor in a South Carolina prison, accepted more than US$219,000 ...
Israel has established a new police force to stamp out peace activism in the West Bank. National Security Minister Itamar ...
WASHINGTON, D.C.: As Moscow's invasion into Ukraine has dragged on for more than two years, the U.S. and the UK ...
LOS ANGELES, California: Last week, the former interpreter of Japanese baseball star Shohei Ohtani was charged with bank fraud and ...
WASHINGTON, D.C.: Reflecting the rising number of related incidents around the U.S., the outcomes of a survey by the A ...