Steel company's stocks were up on talks of hike in steel prices and higher April sales.
Tata Steel surged 9% to Rs 294. It clocked a volume of 7.80 million shares on the BSE today. SAIL rallied 7.5% to Rs 125 on volume of around 3.92 million shares.
Mid-cap and small-cap steel stocks were on fire today. Bhushan Steel sky-rocketed over 36% to Rs 601. Uttam Galva zoomed over 19% to Rs 36.5. Ispat Industries soared 15% to Rs 16. JSW Steel surged 13% to Rs 429. Jindal Steel, however, was flat at Rs 1,675.
Updated at 1213 hrs
Stocks of Steel companies have soared on plans to increase the prices of more steel products.
After long products, steel majors are now thinking to raise the prices of cold rolled and galvanized steel used by the auto and consumer durable industries by Rs 500-1,000 a tonne.
Tata Steel has gained 4% at Rs 282. Around 1.63 million shares were traded on the BSE so far. SAIL has advanced 2.5% to Rs 120, and the counter has clocked a volume of around 971,416 million shares.
Others like, Uttam Galva has zoomed 8% to Rs 33. Ispat Industries has surged over 6.5% to Rs 15. JSW Steel has advanced over 2% to Rs 389. Jindal Steel has moved up marginally to Rs 1,660.
JSW Steel is contemplating price increases from the middle of the month or next month. Uttam Galva, on the other hand, has increased prices by Rs 1,000-3,000 a tonne over the past one month. The reason for the review of prices is two-fold. There is a supply constraint in the market as some of the hot-rolled producers were yet to resume 100 per cent normal production.