SAIL, Tata Steel, JSW Steel Shares Trade Higher As DGTR Recommends Safeguard Duty For Select Products

SAIL Share Price: Shares of domestic steel manufacturing companies gained in early trade on March 19. Steel Authority of India Ltd, Tata Steel, Jindal Steel & Power Ltd and JSW Steel shares gained up to 5 per cent on the NSE. The stocks gained after the Directorate General of Trade Remedies (DGTR) recommended the imposition of a 12 per cent provisional safeguard duty on certain steel goods.

SAIL's share price continued to gain for the third straight day on March 19. The stock has managed to gain over eight per cent in the three sessions. Other major steel manufacturers such as Tata Steel and JSW Steel also gained nearly 3 per cent.

Shares of domestic steel manufacturers are trading higher after the DGTR recommended a 12 per cent safeguard duty on certain steel products for 200 days.

“Therefore, the Authority recommends imposition of provisional safeguard duty at the rate of 12 per cent ad valorem for 200 days pending final determination on imports of the product under consideration,” DGTR said.

The DGTR recommended the imposition of the safeguard duty after it observed a surge in the imports of Flat Steel Products into India. As per a Reuters report, India is the world's second-biggest crude steel producer. However, India has remained a net-importer in the April-January period. Notably finished steel imports from China, South Korea and Japan also hit a record high in the first 10 months of the financial year as per the report.

DGTR has also invited comments on its findings within 30 days. Earlier in December 2024, the DGTR initiated an investigation to assess the need for a safeguard duty to curb steel imports.

Nifty Metal Index Gains

The gains made by steel stocks have lifted the Nifty Metals index higher. The sectoral index surged 1.67 per cent on March 19 to hit a day high at 9185.2 levels. Nifty Metal index gained after index heavyweights such as Tata Steel Ltd and JSW Steel surged in early trade.

SAIL Share Price History

In five years, SAIL's share price has risen by over 351 per cent on the NSE. In a year the stock has traded lower by nearly 11 per cent. On a Year-To-Date (YTD) basis, the public sector company’s shares have traded flat up by 0.48 per cent. In six months the stock has declined over 11 per cent and in the month the company’s shares have climbed more than 8 per cent. In five days the stock has traded higher by 4 per cent.

At the time of writing pared the gains made in early trade to trade slightly lower. Shares of Steel Authority of India Ltd traded at Rs 113.05 apiece up by 3.8 per cent on the NSE. JSW Steel Ltd shares traded higher by 1.19 per cent at Rs 1,030.2 apiece and Tata Steel shares traded higher by 2.48 per cent at Rs 158.5 apiece.

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