Business News/ Markets / Stock Markets/  Maharatna company SAIL declares interim dividend, check record date

One of India's largest steel producers and a Maharatna of the Central Public Sector Company is Steel Authority of India Limited (SAIL). This large-cap company on Friday recorded a market cap of 36,617 Cr and ended on a green note by 4% after the Board of SAIL declared interim dividend for the eligible shareholders.

“The Board of Directors at its meeting held today i.e. 16th March, 2023, has inter-alia, approved the payment of Interim Dividend for the FY 2022-23 @ Rs.1/- per equity share (10% on the paid up equity share capital of the Company). The record date for the purpose of payment of Interim Dividend is 24th March 2023," said SAIL in a stock exchange filing on Thursday.

Steel Authority of India has announced an equity dividend of 87.50% at a face value of 10, or 8.75 per share, for the fiscal year that ended in March 2022. This generates a dividend yield of 9.85% at the current share price of 88.75. According to Trendlyne statistics, Steel Authority of India (SAIL) Ltd. has declared 28 dividends since January 31, 2005, and over the last 12 months, an equity dividend of Rs. 4.75 per share has been granted which takes the dividend yield to 5.36% at the current share price of 88.75.

Compared to a net profit of 1,528.54 crore achieved in the quarter ended December 2021, the firm reported a net profit of 542.18 crore during December 2022 quarter, a 65 percent reduction. Compared to 23,209.88 crore a year prior, its total expenses rose exponentially to 24,825.11 crore. From 25,398.37 crore in Q3FY22 to 25,140.16 crore in Q3FY23, according to SAIL, was a reduction in overall income. The largest steel-producing company in the nation, SAIL, is part of the Ministry of Steel and has an annual capacity of about 21 MT.

Commenting on the future price outlook of SAIL Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas said “SAIL has formed a five wave rise from the recent swing low of 81 it touched during the last week of February. Post that it retraced 61.82% of that rise and in today trading session it has witnessed a sharp recovery from that crucial Fibonacci support level. We believe that the stock has started a new leg of up move. The sharp rise has been accompanied with above average volume and hence both price and rising volume suggests that the positive momentum is likely to continue. We expect the stock to target levels of 98 which is the 161.82% Fibonacci extension level of the previous impulsive wave. On the downside crucial support zone is placed at 86 – 85."

The shares of SAIL closed today on the NSE at 88.75 apiece level, up by 4.04% from the previous close of 85.30. The stock recorded a total volume average of 2,65,77,314 shares compared to the 20-Day average volume of 1,51,28,372 shares. In the last 1 year, the stock has fallen 10.71% and on a YTD basis, it has fallen 0.22% so far in 2023. The stock touched a 52-week-high of 112.35 on (11-Apr-2022) and a 52-week-low of 63.60 on (20-Jun-2022).

Vipul Das
Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
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Updated: 17 Mar 2023, 05:32 PM IST
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