The final decision to levy security fees will take the Ministry of Finance.
The Directorate General of Business Treatment (DGTR), the Investigation Branch of the Ministry of Commerce, on Wednesday recommended imposing 12 percent provisional security duty on some steel products for 200 days on some steel products to protect domestic steel producers from increasing imports. The effect of this news was such that today the shares of steel companies jumped. Five steel companies- SAIL, Tata Steel Limited, JSW Steel and Jindal Stainless shares rose by 5% on Wednesday. According to the news, the Nifty Metal Index rose 1% to 9,123.40. Steel Authority of India (3.65%), Tata Steel (2.29%), JSW Steel (1.11%), Jindal Stainless (0.81%) and Jindal Steel and Power (0.01%) rose.
Cell shares
Sail manufacturing shares of steel manufacturer were the fastest in the sale of SAIL. SAIL shares rose by 5% on BSE and reached Rs 114.40. The previous closed price was Rs 108.90. The company’s market capitalization reached Rs 46,731 crore. According to PTI reports, in December last year, DGTR started a sudden increase in imports of ‘non-love metal and alloy steel flat products’ used in various industries including fabrication, pipe manufacturing, construction, capital goods, autos, tractors, bicycles and electrical panels.
Final decision will take the Ministry of Finance
DGTR has initially found in its investigation that the import of these products in India has recently increased sudden, acute and significant increase, which is at risk of serious damage to domestic industry/producers. In the notification issued on March 18, DGTR said that there are serious conditions where any delay in the application of provisional security measures will cause damage, which will be difficult to repair. Provisional security measures need to be implemented immediately.
The DGTR has said that the authority recommends imposing provisional security duty at the rate of 12 percent for 200 days until final determination on the import of product under consideration. The final decision to impose a fee will take the Ministry of Finance.
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