Sail drops after reporting weak Q1 results

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Steel Authority of India dropped 5.59% to Rs 50.70 at 10:30 IST on BSE after company reported net loss of Rs 535.52 crore in Q1 June 2016 higher than net loss of Rs 248.18 crore in Q1 June 2015.

The result was announced after market hour yesterday, 8 September 2016.

Meanwhile, the BSE Sensex was down 226.76 points, or 0.82%, to 28,808.42.

Higher than normal volumes were witnessed on the counter. On BSE, so far 12.64 lakh shares were traded in the counter, compared with an average volume of 7.68 lakh shares in the past one quarter. The stock hit a high of Rs 52.20 and a low of Rs 50.30 so far during the day. The stock hit a 52-week low of Rs 33.50 on 12 February 2016. The stock hit a 52-week high of Rs 58.20 on 12 October 2015. The stock had outperformed the market over the past one month till 8 September 2016, rising 11.99% compared with Sensex's 3.06% gains. The scrip had also outperformed the market in past one quarter, gaining 27.86% as against Sensex's 7.49% 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 fell 3.84% to Rs 9327.36 crore in Q1 June 2016 over Q1 June 2015.

Sail is a PSU steel manufacturing company. The Government of India held 75% stake in Sail (as per the shareholding pattern as on 30 June 2016).

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