Tata Steel witnessed a significant rise in its share price, climbing nearly 5% on March 18, driven by substantial trading volumes and numerous large transactions. As of 01:10 pm, Tata Steel stocks were trading at Rs 148.65, marking a 4.90% increase from the previous day’s close.
Trading activity saw nearly 10 crore shares of Tata Steel being traded today, more than double the average volume of the previous month. Notably, around 2.3 crore shares were exchanged in sizable transactions.
The positive momentum extended to other metal stocks as well, following China’s strong industrial output growth of 7% in January-February, surpassing Bloomberg’s estimate of 5.2%. Consequently, the Nifty Metal index also saw a 0.3% increase.
The industry anticipates potential restrictions on steel imports, given that they reached a six-year high in the first ten months of the current financial year, largely fueled by Chinese shipments. India, according to provisional government data reported by Reuters on March 2, emerged as a net importer of finished steel during this period. The country’s robust steel demand was attributed to its thriving construction and automotive sectors.
China, being the world’s largest steel producer, exported 1.75 million metric tons of finished steel to India in the first ten months of the fiscal year, marking a six-year high and an 80% surge from the corresponding period last year.
In September, India imposed a five-year anti-dumping duty on specific types of Chinese steel imports, aiming to counter imports priced below fair market value.
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