Metal Scrips Shine on 12% Duty Proposal

Nifty Metal index rose 1.67% to hit an intraday high of 9,185 before settling 1.27% higher at 9,148.55

- TANMAY TIWARY

The 12 per cent safeguard duty proposal gave a gleam to metal stocks on Wednesday as some key scrips rallied up to 10 per cent in intraday deals on the National Stock Exchange (NSE).

Among individual stocks, Hindustan Zinc zoomed as much as 9.48 per cent to ₹477.80, followed by SAIL (up to 5.04 per cent at 114.40), APL Apollo (up 4.69 per cent at ₹1,500), NMDC (up 3.77 per cent at ₹69.19), Welspun Corp (up 3.45 per cent at ₹837.20), Hindustan Copper (up 3.05 per cent at ₹228.34), Tata Steel (2.93 per cent at ₹159.20), JSW Steel (up 2.84 per cent at ₹1,047), JSL (up 2.51 per cent at ₹664.15), and Jindal Steel (up 2.19 per cent at ₹943.75).

Others, including NALCO, Vedanta, Hindalco, and Adani Enterprise also rose in the range of 0.2-1 per cent.

The Nifty Metal index rose as much as 1.67 per cent to hit an intraday high of 9,185.20, before settling 1.27 per cent higher at 9,148.55 levels. In comparison, Nifty 50 closed 0.32 per cent higher at 22,907.60 levels.