Sail gains after govt sets 50 million tonnes per annum production target by 2025

Sail rose 0.48% to Rs 62.95 at 12:40 IST on BSE after Minister of Steel & Mines Narendra Singh Tomar in a press conference in Bhopal said government has set a target for the production of 50 million tonnes of steel annually by the company by 2025.

Meanwhile, the BSE Sensex was down 3.23 points, or 0.01%, to 26,519.86.

On BSE, so far 53,496 shares were traded in the counter, compared with an average volume of 3.37 lakh shares in the past one quarter.

The stock hit a high of Rs 63.25 and a low of Rs 62.15 so far during the day. The stock hit a 52-week high of Rs 112.90 on 9 June 2014. The stock hit a 52-week low of Rs 60.60 on 5 June 2015.

 

The stock had underperformed the market over the past one month till 8 June 2015, declining 7.19% compared with 2.15% decline in the Sensex. The scrip had however outperformed the market in past one quarter, dropping 6.14% as against Sensex's 9.94% fall.

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

The Minister of Steel & Mines Narendra Singh Tomar while addressing press conference on one year of National Democratic Alliance (NDA) Government in Bhopal, Madhya Pradesh yesterday, 8 June 2015, said the government has focused on the modernization of Sail's steel plants. The government has set a target for the production of 50 million tonnes of steel annually by Sail at an investment of Rs 1.5 lakh crore by 2025, he added.

Steel Authority of India (Sail)'s net profit fell 26.2% to Rs 334.22 crore on 13.3% decline in total income to Rs 11864.37 crore in Q4 March 2015 over Q4 March 2014.

The government of India held 75% stake in the firm as at 31 March 2015.

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