Shares of steel producers has witnessed encouraging trend in the current fiscal mainly owing to increase in product prices after two lean years.
On Wednesday, the stocks of major steelmakers Tisco closed marginally lower by 0.12 per cent over its previous close at Rs 120.75, SAIL was down 3.21 per cent at Rs 7.55, Essar Steel was down 2.92 per cent at Rs 6.65, Jindal Strips was down 0.17 per cent at Rs 88.75 while Jindal Vijaynagar was steady at Rs3.55.
However, the stocks belonging to other steel companies moved up. Shares of Sidhartha Tubes surged to Rs 2.70, up 20 per cent, Surana Strips was up 19.12 per cent at Rs 4.05, Steel Tubes firmed up 13.04 per cent at Rs 2.60, National Steel rose 11.67 per cent at Rs 6.70, Choksi Tube gained 6.61 per cent at Rs 6.45, Bellary Steels strengthened 6.12 per cent at Rs 2.60, Ratnamni Metal recovered 3.48 per cent at Rs 10.40, Tata Metaliks moved up 2.01 per cent at Rs 25.40, Bhushan Steel revived 1.81 per cent at Rs 28.15 and Saw Pipes closed higher by 1.64 per cent at Rs 68.05. Indian Seamless gained 1.05 per cent at Rs 14.50, Uttam Galva closed higher by 0.84 per cent at Rs 6.00 and Mukand was up 0.79 per cent at Rs 12.80.
Jindal Iron rose 0.75 per cent at Rs 40.40 and Jindal Steel strengthened 0.48 per cent at Rs 261.55.
Early September share price of TISCO had got a fresh booster on news that US had vetoed a request for imposing steep import duties on Indian steel. The stock had edged up following the International Trade Commission
