SAIL drops after posting dismal Q4 results

Steel Authority of India shed 2.05% to Rs 57.25 at 14:15 IST on BSE after the company reported net loss of Rs 771.30 crore in Q4 March 2017 compared with net loss of Rs 1184.64 crore in Q4 March 2016.

The announcement was made after market hours yesterday, 30 May 2017.

Meanwhile, the BSE Sensex was up 71.61 points, or 0.23%, to 31,231.01.

On the BSE, 6.42 lakh shares were traded in the counter so far, compared with an average volume of 7.8 lakh shares in the past one quarter. The stock had hit a high of Rs 59 and a low of Rs 57.20 so far during the day. The stock had hit a 52-week high of Rs 68.55 on 7 April 2017. The stock had hit a 52-week low of Rs 40.75 on 24 June 2016.

The stock had underperformed the market over the past one month till 30 May 2017, sliding 3.23% compared with 4.15% gains in the Sensex. The scrip had underperformed the market in past one quarter, dropping 4.34% as against Sensex's 8.41% gains. The scrip had, however, outperformed the market in past one year, gaining 36.09% as against Sensex's 16.59% gains.

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

Steel Authority of India (SAIL)'s total income rose 12.33% to Rs 14543.53 crore in Q4 March 2017 over Q4 March 2016.

The unprecedented increase in coal prices during the year ended 31 March 2017 (FY 2017) impacted the results and stunted the overall margins, SAIL said.

SAIL is a PSU steel manufacturing company. The Government of India held 75% stake in SAIL (as per the shareholding pattern as on 31 March 2017).

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