Sail declines after weak Q1 outcome

Steel Authority of India fell 2.82% to Rs 43.10 at 14:51 IST on BSE after net profit declined 35.25% to Rs 450.91 crore on 5.08% fall in total income to Rs 10494.08 crore in Q1 June 2013 over Q1 June 2012.

The result was announced during trading hours today, 14 August 2013.

Meanwhile, the BSE Sensex was up 69.06 points, or 0.36%, to 19,298.90.

On BSE, 16.54 lakh shares were traded in the counter compared with average volume of 3.42 lakh shares in the past one quarter.

The stock rose as much as 6.20% at the day's high of Rs 47.10. The trend, however, reversed after the company announced its Q1 results and the stock fell as much as 3.27% to hit the day's low of Rs 42.90.

The stock hit a 52-week high of Rs 101.60 on 7 January 2013. It hit a 52-week low of Rs 37.65 on 7 August 2013.

The stock had underperformed the market over the past one month till 13 August 2013, sliding 6.63% compared with the Sensex's 3.65% decline. The scrip had also underperformed the market in past one quarter, sliding 28.53% as against Sensex's 2.35% fall.

The large-cap state-run steel maker has an equity capital of Rs 4130.53 crore. Face value per share is Rs 10.

Steel Authority of India's (Sail) profit from operations before other income, finance costs and exceptional items fell 48.41% to Rs 574.41 crore in Q1 June 2013 over Q1 June 2012.

Sail is among the five Maharatnas of the country's Central Public Sector Enterprises. Sail has five integrated steel plants, three special plants, and one subsidiary in different parts of the country. As on 30 June 2013, the government held 80% stake in Sail.

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