To secure domestic industry from cheaper shipments of the commodity from outside India, Steel Authority (Q, N,C,F)* of India has sought early imposition of 14% countervailing duty on imported TMT bars and structurals, reports Economic Times.
The government had scrapped the countervailing duty earlier this year to tame rising prices.
If imposed, the countervailing duty would benefit leading steel producers, by making imports of the commodity dearer. It would be beneficial for domestic steel makers who pay an excise duty of 14% on TMT bars and structurals as well as to companies importing them who pay a customs duty of 5%.
Shares of the company gained Rs 0.9, or 1.42%, to trade at Rs 64. The total volume of shares traded was 362,208 at the BSE (10.31 a.m., Wednesday).
Source : myiris.com