Tata Steel, JSPL Gain as Customs Duty Hiked on Imported Steel

Shares in Steel manufacturers like Tata Steel and JSPL gained on Saturday as the government proposed to increase customs duty on imported steel to stem a flow of cheap supplies from China and Russia.

Tata gained as much as 4 per cent to an intraday high of Rs 354, while JSPL surged nearly 3.8 per cent to Rs 201.20.

Mr Jaitley said import duty on iron & steel and articles of iron or steel would be increased to 15 per cent from 10 per cent now, a move which will benefit domestic steel manufacturers analysts say.

Tata Steel shares ended 1.3 per cent higher at Rs 355.30 apiece, and JSPL shares closed 1.4 per cent higher at Rs 196.5, outperforming the Nifty, which closed with 0.65 per cent gains.