Metal stocks shine bright

JSW Steel is up over 2% at Rs.1650; in fact the BSE Metal Index is up over 1.5%, with top gainers being Nalco, Tata Steel, VEDL, NMDC, Jindal Steel; all 10 stocks are in the green.

The Govt yesterday announced  anti-dumping duties on hot rolled flat sheets and plates of alloy or non-alloy steel to curb cheaper imports into the country. The government will gradually lower the duty from 10% this year to 6% by 2019.

The effective duty rate would be arrived at after deducting the value of the goods and the anti-dumping duty payable when the import price is below $504 per tonne.

This had been a long standing demand of the metal companies and they had recently asked the DG of Anti-Dumping and Allied Duties to take steps to protect them from cheap imports flooding the domestic markets and putting pressure on their margins.