Shares of steelmakers gained on report of the government mulling reducing or eliminating export duty on steel products.
The government had on May 22 levied 15% export duty on steel products while reducing import duty on some raw materials of steel. Analysts had argued that the move is a net negative for the ferrous sector. This duty, according to a report in the Mint, may be cut by the government in accordance with the recommendation from steel industry representatives.
Shares of NMDC Ltd., Jindal Steel & Power Ltd., Vedanta Ltd., Steel Authority of India Ltd., and JSW Steel Ltd., among others advanced between 1% and 2%, while the benchmark Nifty 50 was up 0.32% on Friday.
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