Shares of five steel companies rose by 2.68% to 5.13% at 15:15 IST on BSE on reports that the government has decided to increase import duty on steel products.
Bhushan Steel (up 5.13%), Tata Steel (up 4.77%), JSW Steel (up 4.16%), Steel Authority of India (up 3.58%) and Jindal Steel & Power (up 2.68%), edged higher.
The S&P BSE Sensex was up 133.43 points, or 0.50% at 26,819.94.
The government has reportedly raised import duty on long steel products to 7.5% from 5.5%, while that on flat steel products has been increased to 10% from 7.5%.
Investors expect that higher import duty will restrict rising steel imports, which put pressure on domestic steel companies.
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