Indian steel stocks climb on plan for temporary tax on imports

Steel Authority of India

19/03/2025 04:08

March 19 (Reuters) - Shares of Indian steel companies rose in early trade on Wednesday after a government body recommended a temporary tax on some steel products in a bid to curb cheap imports.

An index of metal company shares .NIFTYMET rose 0.8%, with         industry leader JSW Steel and Tata Steel among the top ten gainers on the Nifty 50 index .NSEI, which was trading flat.

Shares of JSW Steel JSTL.NS rose 1.5%, while Tata Steel TISC.NS climbed 2.1% as of 9:30 a.m. IST. State-owned SAIL SAIL.NS rose 2.6% and Jindal Steel and Power JNSP.NS gained about 1%.

The Directorate General of Trade Remedies, under the federal trade ministry, has recommended a 12% temporary tax or safeguard duty for 200 days on certain steel products in a bid to curb "serious injury" to the domestic industry.

 (Reporting by Manvi Pant in Bengaluru; Editing by Mrigank Dhaniwala)

 ((Manvi.Pant@thomsonreuters.com; +918447554364;))