Steel scrips up

Shares of steel companies, which underperformed the markets in the past few weeks, moved up today.

Stocks of several steel and steel product companies rose between 1 and 10 per cent on Steel Minister Ram Vilas Paswan's remarks that there was no problem with foreign steel companies setting up plants in India.

Jindal Steel firmed up 9.2 per cent to Rs 104.25 from its previous close of Rs 95.50; Jindal Saw rose by 2.9 per cent to Rs 348.35 while Jindal Vijaynagar Steel was up a tad to Rs 290.95.

Steel Authority of India Ltd (Sail) moved up by Rs 0.55 to Rs 51.55 while private sector steel giant Tata Steel declined by Rs 1.20 to Rs 337.90.

The equity markets have rallied by over 4 per cent in the current month but steel stocks declined by almost 4 per cent. In the past three months, steel shares have declined by over 22 per cent.