The economy is in desperate need of a policy boost from the Indian Government for its revival. Infrastructure will be the focus area in this year's upcoming budget.
Leading steel manufacturers SAIL and Essar Steel on Friday refuted the charges of 'cartelisation' and 'unfair trade practices', levelled by ancillary steel producers, by attributing steep hike in HR Coil prices to sky-rocketing raw material costs.
Prices of key inputs up 44% to 74%; analysts expect earnings squeeze after a quarter or two.
Considering rising dumping of steel into India, steel sector seeks hike in customs duty on steel and steel products from 5% to 15%, and hike export duty on iron ore.
Major steel producers, including SAIL and Tata Steel, on Monday agreed to cut prices of TMT bars, galvanised steel and HR coils after the government asked them to contain prices to keep inflation under check.
Following price hike of Rs 500 per tonne by Steel Authority of India Ltd, other private producers on Monday announced hike in prices of hot rolled coils by the same amount.
According to a commerce and industry ministry statement, the growth rate for these eight key sectors for April 2019 has been revised upward to 6.3 per cent from 2.6 per cent reported earlier mainly due to upward revisions in production of coal, crude oil, steel, cement and electricity.
ICICI Bank was the top gainer after stable rating for its senior unsecured bonds by S&P Global Ratings.
Investors sought to book profits at attractive valuations after recent run up in last few trading sessions.
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