Sail jumps despite weak Q2 results

Steel Authority of India jumped 7.97% to Rs 86.60 at 14:30 IST on BSE after the company's net profit declined 44.97% to Rs 649.49 crore on 1.3% growth in total income to Rs 11840.64 crore in Q2 September 2014 over Q2 September 2013.

The result was announced after market hours yesterday, 13 November 2014.

Meanwhile, the S&P BSE Sensex was up 27.62 points or 0.1%% at 27,968.26.

On BSE, so far 6.52 lakh shares were traded in the counter as against average daily volume of 5.58 lakh shares in the past one quarter.

The stock hit a high of Rs 86.90 and a low of Rs 79.05 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 outperformed the market over the past one month till 13 November 2014, gaining 5.94% compared with the Sensex's 5.9% rise. The scrip had, however, underperformed the market in past one quarter, falling 1.83% as against Sensex's 7.8% rise.

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

The Government of India holds 80% stake in the firm as at 30 September 2014.

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