Shares of Steel Authority of India Ltd (SAIL) surged nearly 2% in Friday’s session, hitting an intraday high of Rs 140.36 on the NSE. The rally comes amid optimism across the steel sector following reports that the Finance Ministry is set to impose safeguard duties on select steel imports.
According to Nuvama Institutional Equities, the Finance Ministry is likely to issue a notification today imposing safeguard duties of 12%, 11.5%, and 11% over the next three years. The move aims to protect Indian steelmakers from a potential influx of cheap imports and stabilize domestic steel prices.
Nuvama termed the development a “big positive” for Indian steel companies, including SAIL, Tata Steel, and JSW Steel, which are expected to benefit from stronger pricing power and reduced competitive pressure.
At 1 PM on Friday, SAIL shares were trading at Rs 140.30, up 1.73% from the previous close of Rs 137.91, with a market capitalization of Rs 57,922 crore. The stock has been trending upward since morning, supported by heavy trading volumes and improving investor sentiment toward the steel sector.
If the safeguard duty notification is confirmed later in the day, analysts expect further momentum in PSU metal stocks in the coming sessions, with SAIL likely to maintain its upward trajectory.
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