SAIL declines on buzz Govt to sell 5% stake

Steel Authority of India fell 3.21% to Rs 87.35 at 14:40 IST on BSE after Finance Minister Arun Jaitley reportedly said today, 25 July 2014, that the government plans to sell 5% stake in the steel major in the current fiscal year.

Meanwhile, the BSE Sensex was down 195.91 points, or 0.75%, to 26,075.94.

On BSE, so far 6.92 lakh shares were traded in the counter, compared with an average volume of 12.91 lakh shares in the past one quarter.

The stock hit a high of Rs 91.90 and a low of Rs 86.05 so far during the day. The stock hit a 52-week high of Rs 112.90 on 9 June 2014. The stock 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 24 July 2014, falling 5.45% compared with 3.56% rise in the Sensex. The scrip had. however, outperformed the market in past one quarter, rising 25.52% as against Sensex's 14.84% rise.

The large-cap company has an equity capital of Rs 4130.53 crore. Face value per share is Rs 10.

The government currently owns 80% stake in Steel Authority of India (SAIL) (as on 30 June 2014).

SAIL's net profit rose 1.4% to Rs 452.58 crore on 9.4% growth in net sales to Rs 13310.01 crore in Q4 March 2014 over Q4 March 2013.

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. The Government of India (GoI) holds 80% stake in Sail (as per the shareholding pattern as on 31 March 2014).

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