Mumbai, April 22 -- The move aims to protect domestic producers from a surge in low-cost imports that have been weighing on margins and market share.
The Nifty Metal index rose 1.01% to 8,740.70, with gains across the board.
Lloyds Metals & Energy (up 2.87%), Hindustan Copper (up 1.97%), Jindal Stainless (up 1.94%), JSW Steel (up 1.42%), Vedanta (up 1.03%), SAIL (up 0.92%), Adani Enterprises (up 0.88%), APL Apollo Tubes (up 0.76%), Jindal Steel & Power (up 0.70%), Tata Steel (up 0.48%), NMDC (up 0.34%), Welspun Corp (up 0.31%), Hindustan Zinc (up 0.28%), National Aluminium Company (NALCO) (up 0.25%) and Hindalco Industries (up 0.14%) surged.
According to a notification issued by the Department of Revenue, the safeguard duty will apply to...