Tata Steel's share price jumped nearly 5 percent on March 18 amid heavy volumes and multiple large deals, buoyed by China’s robust industrial output growth. At 12.20 pm Tata Steel stock was at Rs 148.6, up 4.9 percent from the previous close.
Nearly 10 crore shares of Tata Steel have been traded today, which is more than double the last month's average. As much as 2.3 crore shares have been sold in bunches of large trades. The share price has gained nearly 40 percent in the last year.
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Other metal stocks were higher too, after China’s January-February industrial output expanded 7 percent. That surpassed a Bloomberg estimate of a 5.2 percent growth. The Nifty Metal index was up 0.3 percent.
China's industrial output grew 7 percent year-on-year in the January-February period, data showed on Monday, accelerating from the 6.8 percent witnessed in December. This topped analyst estimates by a healthy margin who expected a 5 percent increase.
The industry expects a restriction on steel imports after it touched a six-year high in the first 10 months of this financial year, led by Chinese shipments, according to provisional government data seen by Reuters on March 02. India was a net importer of finished steel, the data showed. The steel demand was strong as the country remained a bright spot globally with robust demand from its construction and automotive sectors.
China, the world's top steel producer, exported 1.75 million metric tons of finished steel to India in the first 10 months of the fiscal year, a six-year high and an increase of 80 percent from the same period last year.
In September, India enacted a five-year anti-dumping duty targeting specific types of Chinese steel. In such a case, a domestic government imposes on imports that it believes are priced below fair market value.
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