Steel stocks gain as India plans to tax imports
(Reuters) -Shares of Indian steel companies rose on Wednesday, a day after a government body recommended a temporary tax on some steel products in a bid to curb cheap imports amid rising global trade tensions, raising hopes of a boost to the firms' earnings. Industry leader JSW Steel and Tata Steel rose about 3% to be among the top ten gainers on the benchmark Nifty 50 index, which advanced 0.3%. In December 2024, India launched a probe after record imports, largely from China, forced top steel mills to petition the government.