SAIL has moved up this morning on hopes of price rise.
The stock touched a high of Rs 229 - up 1.7% from the previous close. The stock is now up 1.3% at Rs 228. Around 149,000 shares have been traded on the BSE so far.
The 2% hike in excise duty on steel, decided in the Union Budget 2010, will be passed off to the consumers. According to a report by research agency Crisil, the prices of steel are likely to increase by Rs 500-700 per tonne. The manufacturing cost is also expected to increase marginally by 1 per cent due to a cess of Rs 50 per tonne levied on coal.