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SAIL returns to black, posts Rs 1,305 crore consolidated net profit in Q2

Steel giant SAIL on Friday returned to black, posting a consolidated net profit of Rs 1,305.59 crore for September quarter 2023-24, as higher sales volumes led to increased income. It had incurred Rs 329.36 crore net loss during July-September period a year ago, Steel Authority of India Ltd (SAIL) said in a regulatory filing. Total income rose to Rs 29,858.19 crore from Rs 26,642.02 crore in the year- ago quarter. Expenses were at Rs 27,768.52 crore as against Rs 27,200.79 crore in the same quarter a year ago. "Consistent efforts by the company towards increasing its volumes have had a positive impact on the financial performance despite the significant decline in the price realization in the market. It remains committed towards improving capacity utilization, value addition and cost competitiveness besides de-carbonisation efforts," SAIL said in a statement. During the quarter, SAIL's crude steel production rose to 4.80 million tonne (MT) from 4.30 MT in July-September 2022. Sal

SAIL recruitment 2023: Application process begins for 85 technician posts

SAIL has started the application process for the attendant-cum-technician posts, and the last date to apply is November 25. The selected candidates will have to undergo under two years of training

SAIL to increase coking coal purchases from Russia, expects 4 shipments

Australia accounts for more than half of India's coking coal imports of around 70 million metric tonnes a year. India also imports coking coal from Russia and the United States

SAIL Chhattisgarh arm makes special rods for Mumbai coastal road project

For developing the new product, steel melting shop III produced the required heat with rich chemistry of carbon and manganese, the spokesperson said

SAIL to begin trial production of special rails by month-end: Chairman

Steel maker SAIL plans to start the trial production of head hardened (HH) rails, used in metro rail and freight corridor projects, by month-end, its Chairman Amarendu Prakash said. The steel PSU was earlier looking to start the trial production of HH rails in August but deferred it due to the demand for normal rails like 880 grade from the Indian Railways, Prakash told PTI in an interview. "We have the technology. We had planned for it (HH rail production) but then...they (Railways) requested us to defer the trials and now it is at the end of October," the Chairman said. HH rails are special rails used in high-speed freight corridors and metro rail projects. Such rails are manufactured using head hardening technology to bear about 50 per cent higher pressure compared to normal rails. SAIL has set up facilities for the production of HH rails at the new Universal Rail Mill (URM) at its Bhilai Steel Plant (BSP) in Chhattisgarh, and the cold trials for the same have already been ...

SAIL expects four coking coal ships of 75,000 tonnes each from Russia

SAIL said it was working on doubling coking coal production capacity in International Coal Ventures Private Limited (ICVL) at Mozambique

Will the Nifty Metal index sustain its upward momentum? Check here

While the Nifty Metal index seems headed towards its crucial resistance zone, select stocks such as Hindalco, Nalco and SAIL still have the potential to rally up to 15 per cent, charts suggest.

SAIL supplies 4K tonnes of steel plates for 7th frigate ship of Indian Navy

State-owned SAIL on Thursday said it has supplied 4,000 tonnes of steel plates for the construction of the seventh frigate ship as part of the P17A project of the Indian Navy. The P17A Project comprises the construction of seven ships, of which six have been launched between September 2019 and August 2023. The seventh frigate ship is scheduled to be launched on Friday by Vice President of India Jagdeep Dhankar, Steel Authority of India Ltd (SAIL) said in a statement. "SAIL has again contributed significantly to India's defence capabilities by providing the entire quantity of special steel plates of about 4,000 tonnes for the construction of the seventh frigate ship under the indigenous P17A Project for the Indian Navy," it said. SAIL has supplied a total of 28,000 tonnes of steel for the construction of these vessels. The company has supplied high-grade steel for various defence projects, including the aircraft carrier INS Vikrant, warships INS Udaygiri, and INS Surat, among other

Stocks to Watch today, Aug 17: Auto, M&M, Railway, IRFC, Cipla, Nava, SAIL

Stocks to watch on August 17, 2023: Balrampur Chini, Delta Corp, GNFC, Indiabulls Housing Finance, India Cements, SAIL and Zee among 11 stocks in F&O ban on Thursday.

SAIL Q1 results: Consolidated net profit drops 74% to Rs 212 cr,

State-owned SAIL on Thursday posted a 74 per cent fall in its consolidated net profit to Rs 212.48 crore in the April-June quarter, dragged by higher expenses. It had clocked a net profit of Rs 804.50 crore in the April-June period of the preceding 2022-23 fiscal, the steel maker said in a regulatory filing. The company's total income was at Rs 24,822.83 crore as against Rs 24,199.51 crore in the year-ago quarter. Total expenses surged to Rs 24,598.06 crore from Rs 23,295.23 crore a year ago. Steel Authority of India Ltd (SAIL), under the Ministry of Steel, is among the top four steel manufacturing companies in India.

SAIL awards Rs 30,483 crore mine development project to Power Mech

Power Mech Projects has been awarded a mine development and operation (MDO) project of Rs 30,438 crore by state-owned steel maker SAIL. "This project is being awarded to a consortium of Power Mech Projects Ltd (PMPL) - PC Patel Infra Pvt Ltd for development and operation of Tasra opencast project, located at Jharia Coal fields in Dhanbad district of Jharkhand," a regulatory filing said on Monday. PMPL is the consortium leader with 74 per cent equity stake and while PC Patel Infra has 26 per cent stake. The duration of the contract is 28 years which includes 2 years of development period. The MDO contract will primarily comprise mine infrastructure development, removal of overburden and extraction of coking coal, crushing, transportation, setting up of coal washery of 3.5 MTPA capacity. Besides, it will supply steel grade coking coal to SAIL and carry out other activities incidental to mining as per the project document. The project has total coal extraction reserves of 96.78 MT .

SAIL crude steel YoY output grows by 8% in Apr-June qtr; sales rise by 24%

State-owned SAIL on Tuesday reported an 8 per cent year-on-year growth in its crude steel production at 4.667 million tonnes (MT) during the first quarter of FY24. During the April-June period, the company said its hot metal output rose 7 per cent year-on-year (y-o-y) to 5.037 MT and production of saleable steel grew to 4.405 MT, up 8 per cent from the first quarter of the preceding 2021-22 fiscal. "SAIL clocks best ever Q1 in production and sales. The figures represent a remarkable growth," the steel maker said in a statement. The company attained its highest-ever sales performance in the first quarter by achieving a sales volume of 3.9 MT, posting a y-o-y rise of 24 per cent. Steel Authority of India Ltd (SAIL), under the Ministry of Steel, is among the top three steel producing companies in India having an annual capacity of around 20 MT.

SAIL selects mjPRO platform for project procurements, says mjunction

B2B e-commerce company mjunction on Tuesday said SAIL has selected mjPRO, its e-procurement platform, for all its project procurements. mjPRO is a cloud-based platform that comes with wide configurability and addresses key concerns of organisations such as access to new and credible suppliers, analytics and insights for decision-making, convenience of usage and integration with ERP systems, the company said without divulging commercial details. SAIL has selected mjPRO through an open tender for the implementation of an e-tendering solution for its project buys on a digital platform providing easy access to its global vendors to quote. The project is expected to go live within three months across five integrated steel plants of SAIL with connectivity with the steel major's in-house consultant, the company said. It can accommodate complex terms, multiple currencies and diverse evaluation criteria. It also provides access to registered vendors after due validation with procurement ...

Scindia inaugurates SAIL's Rs 149-cr beneficiation plant in Chhattisgarh

Union Steel Minister Jyotiraditya M Scindia on Friday inaugurated a Rs 149-crore beneficiation project of Steel Authority of India Ltd (SAIL) at Kanker in Chhattisgarh. The minister virtually inaugurated the SAIL's Silica Reduction Plant set up at the company's Dalli iron ore mines. In his address, Scindia said the new plant is an important milestone as it will help the steel maker utilise the low-grade ore from the Dalli mines through the beneficiation process. Around 80 per cent of the reserves of the iron ore mine has been utilized, he said adding certain issues were coming in the utilisation of the remaining 20 per cent reserve like the Fe or iron content was below 60 per cent and silica content was as high as 10 per cent. The plant will improve the Fe content to 62-64 per cent and bring down the silica content to 2-3 per cent. SAIL Chairman Amarendu Prakash there was a need to refine iron ore of size less than 1 mm to achieve the desired grade for effective usage in the blast

Early days of optimism for steel firms as prices move up in China

Stock valuations could improve dramatically if demand rebounds and the China policy support comes through

Life Insurance Corporation increases stake in SAIL by 2.001% to 8.687%

Earlier this week, LIC had raised its stake in IT firm Tech Mahindra Ltd by about 2 per cent through an open market acquisition

SAIL net profit falls 50% YoY to Rs 1,159.21 cr in Jan-Mar quarter

State-owned SAIL has posted over 50 per cent fall in its consolidated net profit to Rs 1,159.21 crore for the quarter ended March 31, dragged down by lower income. It had clocked a net profit of Rs 2,478.82 crore during the January-March quarter of the preceding 2021-22 financial year (FY), the company said in a regulatory filing on Thursday. The company also reported a sharp fall in its total income to Rs 29,416.39 crore, from Rs 31,175.25 crore in the year-ago quarter. In a separate statement, SAIL said its crude steel production during the last quarter of FY23 was at 4.95 million tonnes (MT), higher from 4.60 MT a year ago. SAIL's sales were down at 4.68 MT, as against 4.71 MT in January-March FY22. The board of the company has also recommended Re 0.50 per share as final dividend for FY23. "Higher prices of coal and volatility of steel prices have impacted the margins of SAIL. In the current financial year, the company is taking strategic steps for improving the performance,"

Three entities of SAIL supply special desired grade steel for Central Vista

Recently, the steel melting shop 2 of BSP fulfilled the requirement of Alloy Steel Plant by casting special grade blooms for use in the automobile sector

Metal shares gain in subdued market; Jindal Steel, Tata Steel soar up to 4%

Thus far in the month of April, Jindal Steel has rallied 8 per cent, as against 1.6 per cent rise in the Nifty 50 and 5.7 per cent gain in the Nifty Metal index.

CPSEs achieve revised capex target of Rs 6.46 trn in FY23: Govt official

Some firms yet to provide their data for March