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Tata Steel, SAIL, JSW Steel stocks fall as Citi stays bearish


Date: 18-07-2019
Subject: Tata Steel, SAIL, JSW Steel stocks fall as Citi stays bearish
Global brokerage house Citi maintained sell rating on JSW Steel, SAIL and Tata Steel on China worries. These stocks fell more than 1 percent intraday on July 17.

Recently the government recommended anti-dumping duty on imports of flat-rolled product of steel, and plated/ coated with alloy of aluminium and zinc.

The anti-dumping duty recommended was for imports from China, Vietnam and Korea, but the consumption of product mentioned is 0.5 million, which is less than 1 percent of India's steel consumption, Citi said.

Hence, Steel Authority of India stock was down 0.85 percent at Rs 46.85, Tata Steel down 1.15 percent at Rs 471 and JSW Steel down 1.44 percent at Rs 269.90 on the BSE at 1308 hours IST.

Disclaimer: The views and investment tips expressed by brokerages on moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Source: moneycontrol.com


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