SAIL hardens after robust sales in Dec

Steel Authority of India (SAIL) jumped 8.86% to Rs 46.70 after the steel-maker said that it has achieved the highest ever sales in a month during December 2019.

With sales of 1.68 million tonnes in December 2019, the company clocked a growth of 47% over corresponding period last year (CPLY), the company said in a press release.

Incidentally, SAIL posted a jump of 36% y-o-y in sales during November and the company is consistently maintaining the growth momentum in sales, it said.

The company's chairman Anil Kumar Chaudhary said that despite the challenging steel market conditions, SAIL has exhibited resilient performance consistently and will continue to do so in future also.

On a consolidated basis, SAIL's net profit declined 86% to Rs 102.68 crore on a 6.8% fall in net sales to Rs 14820.89 crore in Q1 June 2019 over Q1 June 2018.

Steel Authority of India (SAIL) is the largest steel-making company in India and one of the seven Maharatna's of the country's Central Public Sector Enterprises. SAIL manufactures and sells a broad range of steel products.

As on 30 September 2019, the Government of India held 75% stake in the company.

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