A positive budget for the metals and mining companies in 2014. There is an increase in the export duty on bauxite from 10 per cent to 20 per cent, which is a big positive for the aluminium manufacturing companies which depend heavily on domestic bauxite supply. Hike in export duty will constraint bauxite exports and improve raw material availability for these companies.
Also the customs duty on imported flat-rolled products of stainless steel is hiked from 5 per cent to 7.5 per cent which is a positive for steel manufacturing companies which are facing severe competition from the Chinese, Japanese and Korean steel manufacturers that were dumping their inventory in the Indian market.
