After Thursday’s selloff, there was a slight recovery in metal stock prices on March 17. Today, when steel producers signed contracts with the government for the PLI scheme, investors flocked to acquire steel stocks. Union Minister of Steel Jyortiraditya Scindia stated at the PLI Scheme for Specialty Steel MoU signing event that the government intends…
The government’s announcement to remove the export duty late on Friday was applauded by the steel sector. The tax, which had been introduced in May, was eliminated as of Saturday. According to a notification from the Finance Ministry, iron ore lumps and fines with “less than 58 percent Fe” will not be subject to export…
JSW Steel plans to invest ₹20,000 crore in capital expenditure this financial year and does not expect the new export duty to either impact its sales and output or bring down capacity utilization. The fresh capital expenditure includes ₹18,000 crore investment in JSW Steel and ₹2,000 crore in Bhushan Power and Steel. The company will…
Indian markets are widely tracking Asian counterparts driven by US-China talks and inflation data. Metal, Pharma, PSU Bank, and IT stocks outperformed buyouts on a broader basis with the Sensex and Nifty 50. These markets are witnessing a volatile session as profit bookings from local and foreign companies have emerged. At 09.46 am, the Sensex…
Since metal stocks are more than 5%, indices use early gains. The BSE Sensex is currently trading at 49,201.47, up 251.71 points or 0.51%. The Nifty 50 is currently trading at 14,821.40, up 96.60 points or 0.66%. The Nifty Bank was up 0.23% at 32,902.95 and the Mid Cap Index was down 0.12%. Tata Steel,…
