Shares of five steel stocks rose 0.55% to 8.79% at 9:55 IST on BSE, with these stocks extending previous sessions' gains after the government set floor price on import of a total of 173 steel products in a bid to restrict cheap steel imports.
The notification was issued by Directorate General of Foreign Trade on Friday, 5 February 2016.Meanwhile, the BSE Sensex was down 34.70 points or 0.14% at 24,582.27.
JSW Steel (up 2.12%), Bhushan Steel (up 8.79%), Jindal Steel & Power (up 0.55%), Tata Steel (up 2.33%), and Steel Authority of India (Sail) (up 1.35%) gained.
The government set floor price or Minimum Import Price (MIP) on import of a total of 173 steel products into the country in a bid to restrict cheap steel imports which has adversely affected the domestic steel industry. As per a notification issued by Directorate General of Foreign Trade on Friday, 5 February 2016, the government has imposed MIP ranging from $341 per tonne to $752 per tonne on various steel products. The MIP will be in place for a period of 6 months.
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