Shares of metal companies Tata Steel, Hindalco, Vedanta were in focus as they rallied by up to 10 per cent on the bourses on the expectation of higher demand and amid reports that China may soon impose export duties on steel products. As per reports, China is considering setting more export duties, between 10-25 per cent, on steel products, including Hot-Rolled Coil, from August 1.

“The country is the biggest steel exporter but, now, is curbing carbon emissions by placing production limits on Steel, one of its most polluting industries,” reports say. This, analysts say, may help Indian producers capture the Steel market share that China is giving up.

• NTPC Green Energy Adds 50 MW Solar Power in Rajasthan
• Coffee Day Enterprises Settles Rs 25 Cr Loan With Kemfin
• GST Collections Rise 14.7% to Rs 2.04 Lakh Crore in September
• GPT Infraprojects Bags Rs 385 Cr South Africa Rail Order
• Cabinet Backs Rs 1.86 Lakh Cr Plan for Green Power Grid

On the earnings front, analysts expect domestic steel companies to report a healthy quarter (in terms of EBITDA/tonne), driven by higher steel prices for the April-June quarter of the financial year 2021-22 (Q1FY22).

In the morning trade, Nifty Metal (up 3.8 per cent) and the S&P BSE Metal index (up 4.2) were up 4 per cent each, compared to a 0.50 per cent rise in the benchmark indices Nifty50 and the S&P BSE Sensex.

Hindalco (up 10 per cent at Rs 456.45) and Tata Steel (up 6 per cent at Rs 1,451.55) have hit their respective record highs on the BSE in the intra-day trade. Vedanta, Steel Authority of India (SAIL), NMDC, Jindal Steel and Power and JSW Steel, meanwhile, were up in the range of 4 per cent to 6 per cent.