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Metal stocks end higher

September 2, 2010

MARKETS-SOUTHASIA-STOCKS/

Metal stocks surged higher as major steelmakers planned to raise
prices this month citing firm global rates and rising input costs,
company officials told Reuters on Thursday.

Steel Authority of India (SAIL) has cut discount by 1,000 rupees a
tonne on flat products while JSW Steel raised prices by 3-4 percent on
higher international prices and input cost.

Stocks which pushed the index higher included Gujarat NRE Coke (up 7.6
percent), SAIL (up 1.8 percent) and Ispat Industries (up 6.1 percent).

Shares in metal stocks have dropped over 10 percent so far this year.
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