SAIL rises 2.3% on overseas buy buzz

DALAL STREET SPIKES

The Steel Authority of India (SAIL) jumped 2.3 per cent to end at Rs 73.05 on reports that the company was looking to expand its business through overseas acquisitions.

The scrip saw volumes of around Rs 2 crore against a normal volume of 50 lakhs for the last two weeks. Markets were abuzz with speculation that the company is scouting for targets in Russia and the former Soviet block.

Another factor which added to the positive sentiment was speculation that steel companies are about to increase prices. Worldwide increase in steel prices too added to the flurry.

The company's profits were down 55 per cent in last quarter and sales were down 18 per cent to Rs 6,440 during the same period.