Nifty Metal down 4% on GST hike news; sell Tata Steel, Hindalco for 'these' targets, says analyst
Nifty Metal was trading at 5,453.90, down by 230 points or over 4 per cent at 1 pm on Monday. Out of the 15 stocks in the index, 14 stocks declined, while two advanced around the same time. The biggest losers were Hindalco Industries Limited Jindal Steel & Power Limited and National Aluminium Company (NALCO)
On Friday, the GST Council chaired by Finance Minister Nirmala Sitharaman gave its nod for increasing the GST on iron ore and manganese ore. It also approved raising GST on nickel, copper and zinc. Source: