Tata Steel Falls On Expected Lower Exports

Mumbai, Sept 22: | Updated: Sep 23 2003, 05:30am hrs
The share price of Tata Iron & Steel Company (Tisco) fell by 4.06 per cent on The Stock Exchange, Mumbai (BSE) on Monday on reports that Indias steel exports to China and the United States might slow down, which is reflecting on steel prices. The stock opened at Rs 249, touched an intra-day high of Rs 255.35 before finally settling at Rs 246.

On the National Stock Exchange (NSE), Tisco lost ground by 3.55 per cent to end the day at Rs 246.75, as compared with its earlier close of Rs 250.30. The stock touched a low of Rs 245 on BSE, while on NSE it dropped to Rs 245.15. A total of 49,64,969 shares changed hands on the counter on BSE, whilst on NSE it clocked total traded volumes of 1,19,53,012 shares.

Dealers say that there are fears that steel manufacturers might not be able to hike steel prices which are linked to global steel prices.

Said a dealer with a domestic brokerage house, China has put pressure on Indian steel suppliers by cutting price and quota which will not allow global steel prices to sustain the recovery. In addition there are concerns as to where the steel production would go as the US has also put a control on the amount that could be exported from India to US because of which steel prices are not increasing.