India's Steel Ministry is finalizing a proposal that would “make it mandatory to use Indian-made steel in projects, according to the government. This is a crackdown on cheap Chinese steel imports that Indian companies say have impacted margins.

Chinese imports have already been falling, with the Indian government having imposed taxes on steel imports from the country, much to China's anger, and the Chinese government hit back saying that such import curbs would hurt the expansion of Indian railways and other projects. In the meantime, the US also ordered an investigation yesterday in steel imports from China, saying that the country's economy and military couldn't "afford to become dependent on steel imports from foreign countries". 

India raised Rs 12 billion ($185.7 million) from a 9.2% sale of its stake in National Aluminium Co (Nalco). This is just 1.7% of the total amout the finance ministry hopes to raise over the coming year - its target is Rs. 725 billion, through sales of multiple government stakes in private-sector and government companies. The government is keen to lower its deficit and fund spending on rural development and infrastructure programs which have formed part of its ambitious budget. The Nalco share sale was oversubscribed 1.43 times.

Stock in spotlight: Dhampur Sugar Mills, whose share price has risen sharply and hit a new 52 week high after investor Dolly Khanna bought 1.2% stake in the company. CRISIL said in early April that the credit risk profiles of sugar manufacturers are likely to improve with sugar prices set to stay firm over the current and upcoming sugar season, until October.

Photo of the day: Farmers in Rajasthan transporting wheat husk from their farm in a tractor-drawn cart. Dominique Faget/AFP/Getty