Steel stocks gain on India’s plan to tax imports

The tax is proposed to be levied on products including hot-rolled coils, steel sheets and plates and cold-rolled coils and sheets. — Reuters

NEW DELHI: Shares of Indian steel companies have risen after a government body recommended a temporary tax on some steel products in a bid to curb cheap imports, raising hopes their earnings might get a boost.

Metal shares rose as much as 1.6% in early trade yesterday. Industry leader JSW Steel and Tata Steel were among the top ten gainers on the benchmark Nifty 50 index, which rose 0.2%.