SAIL among other steel stocks rally up to 3% as India begins safeguard probe for steel imports
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Shares of steel companies like Steel Authority of India (SAIL), Tata Steel, JSW Steel and Jindal Steel & Power rallied up to 3.2% on the BSE as India has initiated a probe into an alleged increase in imports of certain steel flat products into the country. This was followed by a complaint filed by the Indian Steel Association. Shares of JSW Steel rallied 3.2% to their day’s high of Rs 947.95 while Jindal Steel & Power shares jumped 2.3% to an intraday high of Rs 929 on the BSE. Meanwhile, the shares of Tata Steel and SAIL increased by 2% each. The applicant has alleged that there is a “recent, sudden, sharp and significant” increase in the volume of imports, which has caused “significant” injury to the domestic industry in India, according to the notification. In a notification, the Directorate General of Trade Remedies (DGTR) said that it has started the investigation into imports of Non-Alloy and Alloy Steel Flat Products used i...