NMDC Steel shares on peak after DGTR recommends safeguard duty on Flat Steel Products
NMDC Steel Ltd shares surge 7.5%, outperforming rivals amid DGTR's recommendation of a 12% temporary safeguard tariff on Flat Steel products for 200 days.
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New Delhi: On Wednesday, March 19, NMDC Steel Ltd's shares are trading with gains of as much as 7.5% compared to most of its steel rivals, JSW Steel Lt., Tata Steel Ltd., and SAIL, who are trading with gains between 2% and 4%. Most of these steel stocks move following the Directorate General of Trade Remedies (DGTR) advised application of a temporary safeguard tax on Flat Steel Products.
The government announcement states that Flat Steel products ad valorem have been recommended to have a temporary 12% safeguard tariff imposed by the DGTR for 200 days. The DGTR has advised the Non-Alloy and Alloy Steel Flat Products to pay the safeguarding duty.
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In early trade gains, SAIL's shares are trading higher by 4% and those of Tata Steel and JSW Steel are likewise trading with gains. Starting trading on the bourses following the demerger in February 2023 at a price of Rs 37.75 per share, NMDC Steel shares were trading from its previous 52-week high of Rs 68.95 and the stock has halved and is now trading close to its 52-week low. At Rs 35.9 NMDC Steel's shares are trading 7% higher right now.
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