Tata Steel, JSW Steel, SAIL stocks hit lower circuit, Here's why
Nifty Metal index corrected more than 7 per cent on Monday. Tata Steel, JSW Steel and SAIL crashed more than 10 per cent to hit their 52-week low
Tata Steel share price, SAIL share price, JSW steel share price:
Top metal stocks were under extreme pressure govt decision to impose export duties on steel products.
Nifty Metal index corrected 7% as JSW Steel, Tata Steel hit lower circuits while the state-run SAIL tanked over 10 % to hit 52-week low.
Hindalco also dropped more than 5%.
Metal stocks are already facing the heat due to geopolitical tensions and Nifty Metal has corrected over 15% in the last one month.
govt on Sat waived customs duty on import of some raw materials incl coking coal ferronickel, used by steel industry, a move which will lower the cost for domestic industry and reduce prices
Also, to increase domestic availability, the duty on exports of iron ore was hiked up to 50 per cent, and a few steel intermediaries to 15 per cent.
imposition of export duty will help other countries to increase their share in the global market, which India will vacate
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