Tata Steel, SAIL, JSPL gain on strong China PMI data

Sep 23 2013, 13:20 IST
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Shares in steel companies gain after a Chinese PMI hit its highest in six months and showed a promising pick-up in export orders. (Reuters) Shares in steel companies gain after a Chinese PMI hit its highest in six months and showed a promising pick-up in export orders. (Reuters)
SummaryShares in steel companies gain after a closely-watched measure of Chinese manufacturing hit its highest in six months

Shares in steel companies gain after a closely-watched measure of Chinese manufacturing hit its highest in six months and showed a promising pick-up in export orders, another sign of stabilisation in the world's second-biggest economy.

The flash HSBC Purchasing Managers' Index (PMI) for China climbed to 51.2 in September, from August's 50.1, with 10 out of 11 sub-indices up in the month. Dealers had looked for a reading of around 50.9.

Steel Authority of India Ltd gains 2.3 per cent, Tata Steel rises 1 per cent and Jindal Steel & Power Ltd is up 0.3 per cent.

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