SAIL jumps on nod to sell iron ore from captive mines

Steel Authority of India rose 3.30% to Rs 34.45 after the government allowed the company to sell 70 million tonnes of iron ore from its captive mines.

"The government has taken a decisive step in assuring the supply of iron ore for India's steel sector by allowing SAIL to sell 25% of its total mineral production in a year," the Ministry of Steel said in a tweet late on Monday.

"Government of India has given permission to sell 70 million tonnes of sub grade minerals in the captive mines of SAIL. This would enable SAIL to lead the way in ensuring availability of iron ore in the years up ahead for the steel sector," the Ministry of Steel tweeted.

Meanwhile, the S&P BSE Sensex was down 313 points or 0.84% to 36,809.85.

On the BSE, 36 lakh shares were traded in the counter so far compared with average daily volumes of 13 lakh shares in the past one quarter. The stock hit a high of Rs 36.25 and a low of Rs 34.2 so far during the day.

The stock hit a 52-week high of Rs 80.65 on 21 Sep 2018. The stock hit a 52-week low of Rs 29.5 on 23 Aug 2019.

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 produces iron and steel at five integrated plants and three special steel plants, located principally in the eastern and central regions of India and situated close to domestic sources of raw materials. SAIL manufactures and sells a broad range of steel products.

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