SAIL drops on govt. stake-sale buzz

Steel Authority of India lost 1.81% to Rs 75.75 at 15:15 IST on BSE on buzz that the 5% stake-divestment in the company by the government is likely to happen between 24 September and 26 September 2014.

Meanwhile, the S&P BSE Sensex was up 141.47 points or 0.53% at 26,633.98.

On BSE, so far 4.19 lakh shares were traded in the counter as against average daily volume of 6.78 lakh shares in the past one quarter.

The stock hit a high of Rs 77.85 and a low of Rs 74.45 so far during the day. The stock had hit a 52-week low of Rs 47 on 10 September 2013. The stock had hit a 52-week high of Rs 112.90 on 9 June 2014.

The stock had underperformed the market over the past one month till 16 September 2014, sliding 8.75% compared with Sensex's 1.49% rise. The scrip had also underperformed the market in past one quarter, declining 21.56% as against Sensex's 5.17% rise.

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

Steel Authority of India (SAIL)'s net profit rose 17.5% to Rs 529.88 crore on 10.8% growth in net sales to Rs 11195.68 crore in Q1 June 2014 over Q1 June 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) owns 80% stake in SAIL (as per shareholding pattern as on 30 June 2014).

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