Exclusive: Govt unlikely to review export duty on steel; Tata Steel, JSW Steel, SAIL shares fall
According to sources, any big change related to duty is not on the cards ahead of the budget. This is because the government will have to make calculations on the amount that it may have to forego in the event of exemption and it will be difficult now to go ahead with the review
Steel shares were under pressure after Zee Business exclusively reported that government is unlikely to review export duty on steel and iron ore before the upcoming budget. Zee Business has learnt through top government sources that the decision has been taken in view of the ongoing Budget 2023 exercise.
The news is a big setback for steel companies as stocks of major steel companies were down.
According to sources, any big change related to duty is not on the cards ahead of the budget. This is because the government will have to make calculations on the amount that it may have to forego in the event of exemption and it will be difficult now to go ahead with the review.
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Notably, a 15 per cent duty was imposed by the government in May.
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Tata Steel shares dropped over 1 per cent on the NSE to quote Rs 107.10 apiece at 1:35 PM. JSW Steel shares were down 1.72 per cent to trade at Rs 709.95. Jindal Steel & Power too declined 1.35 per cent to quote Rs 516.95. SAIL shares were trading at Rs 84.10, down 2.44 per cent from the Tuesday closing price.
Meanwhile, Zee Business Managing Editor Anil Singhvi has recommended profit booking on jumps in the prices of steel stocks.