JSW Steel, India's third-largest steel producer, does not see further increase in steel import duty, billionaire Chairman Sajjan Jindal said today, after a federal minister said a decision on a hike was expected within a week. Many steel companies, such as JSW Steel, Tata Steel and Kalyani Steels, have seen profits come under pressure in recent quarters due to surging imports of steel from countries such as China and Russia. Last week, India hiked import duty on certain steel products by up to 2.5 percentage points. Minister of Heavy Industries and Public Enterprises Anant Geete said today the government would consider further increase within a week. Jindal said the surging steel imports into India would not reduce unless the government takes more measures.
The market recovered from its day's low, supported by technology, auto, pharma and select banks stocks. The Sensex fell 31.14 points to 27864.83 and the Nifty declined 2.90 points to 8395.10. About 1145 shares have advanced, 1401 shares declined, and 157 shares are unchanged on the BSE.
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