Shares of steel companies from Jindal Steel & Power Ltd. to Steel Authority of India Ltd. and Tata Steel Ltd., among others, gained on Thursday after the government announced a five-year extension of the anti-subsidy duty on imports of welded steel pipes and tubes from China and Vietnam.
An anti-subsidy duty is a tariff imposed on imported goods that are believed to be subsidized by the exporting country's government. This measure aims to shield domestic industries from unfair competition.
On Tuesday, the government announced the extension of this anti-subsidy duty, which was first implemented in September 2019. It took effect following complaints from several industry associations, which argued that steel products were being exported to India at prices below production costs due to subsidies, thereby negatively impacting growth in the Indian steel sector.
Shares of Tata Steel jumped 1.28% intraday to Rs 150.07 apiece. While those of Jindal Steel & Power Ltd. gained 1.27% to of Rs 979.15 per share. Jindal Stainless Ltd. advanced 0.63%%, while SAIL rose 0.61%. In comparison, the benchmark Nifty 50 saw a 0.35% advance.
Usha Martin Ltd. shares bucked the trend to open 0.76% lower followed by Ratnamani Metals & Tubes Ltd. that fell 0.52%.
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