Page 3 - Steel Authority Of India

SAIL turns red with Rs 329 cr Q2 loss, expenses surge to Rs 27,200 cr

State-owned Steel Authority of India Limited (SAIL) on Thursday slipped into red posting a consolidated loss of Rs 329 crore during the quarter ended on September 30, 2022. It had clocked Rs 4,338.75 crore net profit during the July-September period of the preceding fiscal, SAIL said in a BSE filing. The company has also reported a fall in its total income at Rs 26,642.02 crore from Rs 27,007.02 crore in the same quarter a year ago. Its expenses increased to Rs 27,200.79 crore as against Rs 21,289 crore in the year-ago period. SAIL has also reported a fall in its crude steel output as well as sales. Its crude steel output fell to 4.30 million tonnes (MT) during the quarter under review from 4.47 MT in July-September period of FY22. Sales shrunk to 4.21 MT from 4.28 MT a year ago. A query seeking chairman's comments on the company's financial and operational performance during the September quarter remained unanswered. SAIL, under the Ministry of Steel, is the country's largest s

Aftermath of Russia-Ukraine war dims the sheen on steel industry

But strong domestic demand and cooling raw material prices encourage manufacturers to stay the course on capex plans

Coal crisis hits SAIL's Bhilai steel plant output in Chhattisgarh

A stranded ferry from the Visakhapatnam port is cited to be the reason for plunging it into a deep crisis.

Centre cites policy to reject union's proposal to merge RINL with SAIL

Public sector undertakings (PSUs) in non-strategic sectors shall be considered for privatisation, or they shall be closed, said Minister of State Finance Bhagwat Karat in Rajya Sabha.

Are metal stocks bottoming out as China pushes for a stimulus package?

Until major hurdles are not conquered by Metal index, the turnaround scenario may fade sooner

SAIL-Bhilai Steel supply boosts Mumbai-Ahmedabad high-speed rail project

The 508-km project, scheduled for completion in October 2028, will connect Mumbai and Ahmedabad with a high-speed rail track where trains will travel at a speed of 320 kms per hour

Steel industry: From sprint to jog as export duty hike plays speed breaker

Now, beginning June, steel mills are expected to announce a cut for monthly contracts

Inox Air announces Rs 750 crore oxygen plant at Sail's Bokaro plant

This is the company's second cryogenic air separation unit at the Bokaro plant in Jharkhand and is also the largest investment in a new oxygen plant

SAIL consolidated net profit rises 4.1% to Rs 1,529 crore in Q3

Its consolidated income during the quarter increased to Rs 25,398.37 crore, from Rs 19,997.31 crore earlier

Revoking of CVD, ADD to hurt earnings of domestic stainless steel industry

"Traders are expected to stock up cheap imports creating huge inventories in the coming months ahead of an anticipated demand boom in the sector," said an official of a large stainless steel firm

Retail book of SAIL OFS subscribed 2.4 times, shares end 4.4% higher

Following share sale, govt's stake in SAIL will decline by 10 percentage points from current 75%

HAL, Wipro, Infosys: Trading strategies for news-driven stocks

The overall trend of Infosys is optimistic with a rally expected to move in the direction of Rs 1,500 level, as per the weekly chart

Govt to sell up to 10% in SAIL via OFS, may fetch Rs 2,600 crore

On offer are 206.5 million shares, or 5% of company's stock, at a floor price of Rs 64 a share, with option to sell another 5% if issue is oversubscribed

Better market conditions, higher output help SAIL pare debt from peak level

Company says net debt down 15% from a peak of Rs 52,290 cr as on April 30, 2020, to Rs 44,308 cr on Dec 31, 2020

Steel stocks hit fresh high on price hike, improvement in production

Stocks of all major steel producers hit a new one-year high with Tata Steel leading the pack

Metals extend rally on strong demand; Tata Steel zooms 97% in 3 months

At 02:15 pm, Nifty Metal index was the top gainer among sectoral indices, up 4% against 0.28% rise in the Nifty50 index

Soma Mondal takes over from Anil Kumar Chaudhary as SAIL Chairman

In a company statement, Mondal said that the first target is to improve the financial performance of SAIL

Nifty Metal Index jumps 25% in Nov on domestic rally, demand from China

The gain in share prices has been supported by the rally in commodity prices

Steelmakers' prospects receive a boost from improving China data

Encouraging economic data from China, rising demand and higher realisations improve earnings outlook

SAIL board restructuring gets ACC approval, to bring in greater efficiency

The Appointments Committee of the Cabinet (ACC) has approved the restructuring of the Board of Steel Authority of India Limited