Indian steel stocks surge after tariff on steel products
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Shares of Indian steelmakers, including JSW Steel, Tata Steel, Jindal Steel, and Steel Authority of India, surged by 2%-4% following the government's imposition of import tariffs of 11%-12% on certain steel products for three years. This move aims to reduce cheap imports from China. The Nifty metal index rose by 1.33%, outperforming the benchmark Nifty 50 index, which gained 0.3%. Year-to-date, the metal index has increased by 28.7%, compared to a 10% rise in the Nifty 50. Analysts have rated JSTL, TISC, and JINT as "buy," while SAIL is rated "hold."
Source: Reuters The copyright of this article belongs to the original author/organization.
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