SAIL hits 2-year high, zooms 100% in 2 months on strong earnings outlook

Analysts at Edelweiss Broking expect SAIL's performance to improve further driven by realisation uptick, volume growth and iron ore sales providing an additional revenue stream

Shares of Steel Authority of India (SAIL) rose 5 per cent to hit an over two-year high of Rs 67.85 on the BSE in Wednesday's session amid expectations of further improvement in performance due to the realisation of uptick in the domestic market and progressively lower proportion of exports.

The stock of the state-owned company was trading at its highest level since November 2018. In the past two months, the share price of the stock has more-than-doubled after the company reported a consolidated net profit of Rs 437 crore in the July-September quarter (Q2FY21) on back of strong operational performance.