SAIL drops amid volatility

Steel Authority of India fell 3.34% to Rs 82.50 at 15:23 IST on BSE, with the stock sliding amid volatility as the government's offer for sale to offload its 5% stake in the company has been fully bid.

Meanwhile, the S&P BSE Sensex was down 114.27 points or 0.4% at 28,448.55.

On BSE, so far 19.80 lakh lakh shares were traded in the counter as against average daily volume of 6.57 lakh shares in the past one quarter.

The stock was volatile. The stock lost as much as 3.69% at the day's low of Rs so far during the day. The stock lost 0.76% at the day's high of Rs so far during the day. The stock had hit a 52-week high of Rs 112.90 on 9 June 2014. The stock had hit a 52-week low of Rs 54.05 on 26 February 2014.

The stock had underperformed the market over the past one month till 4 December 2014, sliding 1.61% compared with Sensex's 2.52% rise. The scrip had also underperformed the market in past one quarter, advancing 1.37% as against Sensex's 5.45% rise.

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

As at 15:05 IST, bids were received for a total of 33.16 crore shares at an indicative price of Rs 83.41 per share for the Offer for Sale (OFS) of Steel Authority of India (Sail)'s shares by the government, as per data from the stock exchanges. The government has put on the block 20.65 crore shares of Sail, representing a 5% stake through Offer for Sale (OFS) via the stock exchanges mechanism today, 5 December 2014. The OFS began at 9:15 IST and ends at 15:30 IST. The floor price for the offer for sale (OFS) has been fixed at Rs 83 per share.

Sail's net profit declined 45% to Rs 649.49 crore on 1.4% growth in net sales to Rs 11565.59 crore in Q2 September 2014 over Q2 September 2013.

Government of India holds 80% stake in Sail (as per the shareholding pattern as on 30 September 2014).

Powered by Capital Market - Live News