Five steel stocks rose 0.01% to 3.03% at 11:20 IST on BSE after WTO Appellate Body ruled countervailing duty measures imposed by the US against India's certain hot rolled carbon steel flat products are inconsistent with various provisions of ASCM.
Meanwhile, the BSE Sensex was down 37.55 points, or 0.14%, to 27,759.46.
Among steel stocks, Bhushan Steel (up 0.31%), Jindal Steel & Power (up 3.03%), Tata Steel (up 0.49%), and Steel Authority of India (Sail) (up 0.01%) gained.
JSW Steel rose 1.57% after the company after market hours on Tuesday, 9 December 2014, clarified that there was no accident at the steel plant at Vijayanagar works of the company on Tuesday, 9 December 2014. JSW Steel said that a sudden release of pressure resulted in a huge sound at the plant. The company added that the plant is working normally. JSW issued the clarification after media reports suggested that there was an accident at the steel plant at Vijayanagar works of JSW Steel today, 9 December 2014.
India's Ministry of Commerce & Industry yesterday, 9 December 2014, said that India has achieved a significant victory at the WTO, as the WTO Appellate Body (AB) in its ruling dated 8 December 2014 held that the Countervailing Duty (CVD) measures imposed by the United States against certain hot rolled carbon steel flat products from India are inconsistent with various provisions of the Agreement on Subsidies and Countervailing Measures (ASCM). The AB ruling will definitely help the domestic manufacturers, who had been suffering on account of inconsistent practices by the United States Department of Commerce, India's Ministry of Commerce & Industry said.
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