SAIL gains on robust August volumes
August sales volumes grew 16% yoy at 1.09 million tonnes on account of increase in flat product sales.
Steel Authority of India (SAIL) is trading higher by nearly 3% at Rs 48.55 in otherwise weak market on reporting 16% year-on-year growth in sales volumes at 1.09 million tonnes during August 2013.
The rise in sales was mainly on account of increase in flat product sales, which went up by 26%, the steel major said in a statement.
Analyst at Angel Broking in a note said that, the increase in volumes is mainly due to lower base during August 2012. However, given the weak steel demand in India, we expect SAIL to lose market share.
The stock opened at Rs 47.55 and hit a high of Rs 49.10 on BSE. A combined 2.44 million shares change hands on the counter so far on BSE and NSE.
The rise in sales was mainly on account of increase in flat product sales, which went up by 26%, the steel major said in a statement.
Analyst at Angel Broking in a note said that, the increase in volumes is mainly due to lower base during August 2012. However, given the weak steel demand in India, we expect SAIL to lose market share.
The stock opened at Rs 47.55 and hit a high of Rs 49.10 on BSE. A combined 2.44 million shares change hands on the counter so far on BSE and NSE.