Buzzing metals: SAIL gains over 10 per cent, Tata Steel jumps 6 per cent, Hindustan Copper up by 5 per cent
The shares of metal companies gained as a result of positive announcements in the Budget 2021, which was aimed towards uplifting the domestic steel & metals industry.
The government announced the cutting of duty on copper scrap to 2.5 per cent from the previous 5 per cent. Also, it declared exempting duty on steel scrap up to March 2022.
Additionally, the announcement also included revoking of anti-dumping duty (ADD) and countervailing duty (CVD) on certain steel products.
S&P BSE Metal index was up by around 4.96 per cent
Following is a list of some of the companies that have their business operations in metals, which gained reacting to the announcements:
|
Company Name
|
Change (per cent)
|
LTP (Rs)
|
|
Steel Authority of India Ltd (SAIL)
|
10.42
|
63.60
|
|
Hindalco Industries
|
6.97
|
241.40
|
|
Vedanta
|
6.39
|
171.50
|
|
Tata Steel
|
5.80
|
636.00
|
|
Jindal Steel & Power
|
5.35
|
275.65
|
|
Hindustan Zinc
|
4.19
|
285.85
|
|
JSW Steel
|
3.03
|
379.15
|
|
National Aluminium Company
|
2.71
|
49.20
|
|
Coal India
|
2.34
|
129.00
|