Metal stocks cheered up on the decision of the extension of the safeguard duty on some steel imports up to 2018. India imposed the safeguard duty in September 2015 for 200 days and set the floor prices for some products in February, after a slowdown in China exacerbated an oversupply of steel worldwide.
The Indian investors also welcomed the decision of Tata Steel to sell its UK division as the stock price increased 6.75% on March 30.
The S&P BSE Metal index increased 225.85 points (3.06%) to close at 7,451.85 on March 30 from the previous closing of 7,373.17. The highs and lows on March 30 were 7,624.31 and 7,418.63 respectively.
Global markets such as CAC DAX and FTSE all were trading 2% up. Following the same trend the Sensex also went up.
The Sensex increased 438.12 points (1.76%) to close at 25,338.58.
On March 30, all the stocks on the S&P BSE Metal closed in the green. The maximum gain was registered by Tata Steel, with the stock, increasing 6.75% to close at Rs 324.4.
Movement of S&P BSE Metal over the last one year:
Price movement of stocks on S&P BSE Metal on March 30:
Company Name |
Industry |
Last |
Change |
%Chg |
Mkt Cap |
|
|
Price |
|
|
(Rs cr) |
Coal India |
Mining & Minerals |
296.45 |
1.75 |
0.59 |
187248.6 |
Hind Zinc |
Metals - Non Ferrous |
175.8 |
6 |
3.53 |
74281.11 |
Hindalco |
Aluminium |
88.05 |
3.65 |
4.32 |
18182.2 |
Jindal Steel |
Steel - Sponge Iron |
57.75 |
1.85 |
3.31 |
5283.57 |
JSW Steel |
Steel - Large |
1273.2 |
40.05 |
3.25 |
30776.05 |
NALCO |
Aluminium |
38.25 |
0.95 |
2.55 |
9857.94 |
NMDC |
Mining & Minerals |
100.05 |
0.85 |
0.86 |
39666.98 |
SAIL |
Steel - Large |
43.5 |
1.6 |
3.82 |
17967.79 |
Tata Steel |
Steel - Large |
324.4 |
20.5 |
6.75 |
31506.23 |
Vedanta |
Mining & Minerals |
91.7 |
4.05 |
4.62 |
27186.25 |