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Shares of metal companies came under heavy selling pressure, with the Nifty Metal index slipping 4.5 per cent on NSE in the intra-day trade. The index was quoting lower for the third straight trading day and has dropped 7 per cent during the period. Further, it has corrected 9 per cent from its record high level of 5,936.10, touched on August 16, 2021.
Among individual stocks, Tata Steel, Jindal Steel and Power, Hindalco Industries, National Aluminium Company, JSW Steel, Steel Authority of India (SAIL), Vedanta and NMDC dropped between 5 and 7 per cent in the intra-day trade today. In the afternoon, the Nifty Metal index, the top loser among sectoral indices, was down 3.78 per cent compared to a 0.31 per cent decline in the Nifty50 index.
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The goods and services tax (GST) rate on ores and concentrates of metals such as iron, manganese, etc., has been raised from 5 per cent to 18 per cent. However, according to ICICI Securities, as steel already attracts a GST rate of 18 per cent, the increase in the GST rate of iron ore will not impact steel companies as steel players would avail input tax credit for iron ore.
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