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 InformationISTANBUL, Turkey: Turkish police detained dozens of people after local authorities banned Istanbul's annual Pride parade from going ahead this ...
BIRMINGHAM, ALA. - Emails and phone calls from same-sex couples worried about the legal status of their marriages and keeping ...
Mumbai (Maharashtra) [India], July 2 (ANI): Four houses collapsed in the Chunabhatti area of Mumbai due to incessant rainfall in ...
Kabul [Afghanistan], July 2 (ANI): Due to the displacement of Afghans back to the country by the Taliban, up to ...
Awaran [Pakistan], July 2 (ANI): The members of the Baloch National Movement's (BNM) Awaran and the associated zones organized a ...
Dibrugarh (Assam) [India], July 1 (ANI): After incessant rains, a camp of the 171 Battalion of Central Reserve Police Force ...
DUBAI, UAE: The Arab states have built significant amounts of solar and wind power installations, and are in line to ...
LONDON, England: A second referendum on Scottish independence is set to be held in October 2023. The Scottish government, led ...
LISBON, Portugal: Tuvalu Foreign Minister Simon Kofe walked out of the opening cermonies of this week's United Nations Ocean Conference ...
SULAWESI, Indonesia: Using just a rope, an Indonesian man, supported by fellow villagers on the island of Sulawesi, captured a ...
WATFORD, UK: Watford F.C. has cancelled a friendly match against the Qatar national team due to the Gulf country's human ...
ISTANBUL, Turkey: Turkish police detained dozens of people after local authorities banned Istanbul's annual Pride parade from going ahead this ...