 "SAIL hits 52-week high post Q2 results")
Steel Authority of India (SAIL) was up 4% to Rs 55.70, also its 52-week high on the BSE, after reported a net loss of Rs 731 crore in September 2016 quarter (Q2FY17).
The country’s largest state-owned steel major had posted a loss of Rs 1,109 crore in the same quarter last fiscal.
Total income from operations increased 21% to Rs 12,577 crore in Q2FY17 against Rs 10,379 crore in the corresponding quarter of previous year.
SAIL recorded its best ever sales of 3.6 Million Tonnes (MT) in the second quarter of the current financial year (FY17) which was 32% higher over corresponding period last year (CPLY). In the second quarter, SAIL also recorded the highest ever Q2 saleable steel production at 3.492 MT, with a growth of 31% over CPLY.
The company said in view of the various measures being implemented by the Government to uplift the steel industry and the demand, coupled with steps being taken by the company to reduce the cost, improvement in the effective/productivity, the company is certain that it will be able to improve its physical and financial performance in future.
At 02:48 pm; the stock was up 3.4% at Rs 55.25 on the BSE, as compared to 0.36% rise in the S&P BSE Sensex. A combined 15.7 million shares changed hands on the counter on the BSE and NSE so far.
The country’s largest state-owned steel major had posted a loss of Rs 1,109 crore in the same quarter last fiscal.
Total income from operations increased 21% to Rs 12,577 crore in Q2FY17 against Rs 10,379 crore in the corresponding quarter of previous year.
SAIL recorded its best ever sales of 3.6 Million Tonnes (MT) in the second quarter of the current financial year (FY17) which was 32% higher over corresponding period last year (CPLY). In the second quarter, SAIL also recorded the highest ever Q2 saleable steel production at 3.492 MT, with a growth of 31% over CPLY.
The company said in view of the various measures being implemented by the Government to uplift the steel industry and the demand, coupled with steps being taken by the company to reduce the cost, improvement in the effective/productivity, the company is certain that it will be able to improve its physical and financial performance in future.
At 02:48 pm; the stock was up 3.4% at Rs 55.25 on the BSE, as compared to 0.36% rise in the S&P BSE Sensex. A combined 15.7 million shares changed hands on the counter on the BSE and NSE so far.
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