Shares of five steel manufacturing companies rose 0.88% to 9.14% at 12:24 IST on BSE on reports the government is expected to notify minimum import prices on certain steel products today, 5 February 2016.
Jindal Steel & Power (up 9.14%), JSW Steel (up 2.59%), Steel Authority of India (Sail) (up 5.84%) and Bhushan Steel (up 3.85%) edged higher.
Meanwhile, the BSE Sensex was up 192.23 points, or 0.79%, to 24,530.66
The government is considering MIP in order to protect domestic steel manufacturers from cheap imports from China, reports indicated.
The government could reportedly levy minimum import prices (MIP) of $360 per tonne on semi-finished slabs and $450 per tonne on hot rolled steel products. The government could also put MIP of $500-550 per tonne on cold rolled products and $660 per tonne on coated flat steel products, reports indicated.
Tata Steel edged higher in volatile trade. The stock was currently up 0.88% at Rs 228.15. The stock hit a high of Rs 231 and a low of Rs 215 so far during the day. The company reported consolidated net loss of Rs 2127 crore in Q3 December 2015 compared with net profit of Rs 157 crore in Q3 December 2014. Turnover fell 16.63% to Rs 28039 crore in Q3 December 2015 over Q3 December 2014. Earnings before interest, taxation, depreciation and amortization (EBITDA) excluding one-offs and profit on sale of investments declined 69.96% to Rs 838 crore in Q3 December 2015 over Q3 December 2014. The result was announced after market hours yesterday, 4 February 2016.
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