Last Updated :
25 February 2009 at 14:25 IST
Steel to see rise in demand, stocks go green
Commodity Online MUMBAI: On the note of steel companies to pass on the 2% benefit of excise duty cut has increased the likelihood of upsurge in the demand for the commodity.
The steel stocks today led the rally on the Bombay Stock Exchange (BSE) with metals index gaining the most by about 2.87% to 4715.78.
Most of the steel shares were trading in green with Jindal Steel and Power Ltd and Tata Steel Ltd among the top gainers in metals index with more than 3% increase in stock prices. Jindal Steel and Power Ltd was trading at Rs. 1.27.30 up by 4.5%, while Tata Steel Ltd was trading at Rs. 166.20 up by 3.59% in the afternoon trading session.
Meanwhile, the BSE Sensex was up 163.77 points or 1.86%, to 8,985.83.
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JSW Steel Ltd was up 3.36% at Rs. 190.45, Steel Authority of India Ltd (SAIL) was up by 2.56% to Rs. 78, while Bhushan Steel Ltd gained 2.56% to Rs. 284.75 in the afternoon trade on the BSE.
Industry experts believed that the steel makers were likely to soon announce price cuts to the extent of Rs 500-600 per tonne on hot rolled coils (HRC) and TMT (thermo mechanically treated) bars, however, the opined that the steel firms would not have a favourable impact on their profitability.
However, the steel Futures stayed low on commodity exchanges in India at Rs.23670 per metric tonne for April contract on MCX against the spot price of Rs.24550 for one metric tonne.
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