Another week in the Donald Trump universe, another major development, as the United States president has said that he will announce a set of sweeping tariffs on aluminium and steel entering the United States.
Although Canada, the US' biggest importer of aluminium and steel is expected to the first, and worst hit, others are also bearing the brunt.
Indian Steel Stocks Dip
In India, steel stocks started the day in red, with deep cuts.
Tata Steel Ltd
One of the major names in the steel industry, Tata Steel, saw its shares nosedive in the early hours of the intraday trade on Monday, February 10.
At the time of writing, the losses inflicted only worsened as the shares of Tata Steel slumped by a significant 3.44 per cent or Rs 4.76. This brought the total value of the company shares to Rs 133.55.
JSW Steel Ltd
The share of another major private sector steel company, JSW Steel, also dropped in value. The company shares also declined significantly in the early hours of the day.
The value of the stocks dipped by to Rs 953.65, declining by Rs 27.10 or 2.76 per cent, at the time of writing.
Steel Authority of India Ltd
This were no different for public sector companies. SAIL or the Steel Authority of India also started the day with some steep cuts as well.
The company shares dipped in value by Rs 4.29 or a mammoth 3.89 per cent. This took the overall value of the company shares to Rs 106.03 per piece.
NMDC Ltd
NMDC shares also dipped in value in the intraday trade on Monday, the company shares, after opening on a note higher than the previous opening, soon stumbled to reach Rs 65.03 per piece.
This came to pass after a cumulative decline of Rs 1.63 or 2.45 per cent.
Vedanta Ltd
One of the biggest names in the mining industry, Anil Aggarwal's Vedanta saw its shares dip by Rs 19.45 or 4.27 per cent.
This took the overall of the company shares to Rs 436.35 per piece.
