SAIL share price drops 5% as Q3 profit declines 22%; here's what the analyst says | Mint
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Business News/ Markets / Stock Markets/  SAIL share price drops 5% as Q3 profit declines 22%; here's what the analyst says
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SAIL share price drops 5% as Q3 profit declines 22%; here's what the analyst says

Steel Authority of India (SAIL) share price slumped over 5% after the company's Q3 profit saw a 22% decline. SAIL share prices have seen a sharp sell-off in the last couple of weeks.

SAIL share price today opened at ₹119 apiece on BSE. Premium
SAIL share price today opened at 119 apiece on BSE.

Steel Authority of India (SAIL) share price slumped over 5% on Tuesday's trading session after State-owned company's Q3 profit saw a 22% decline. SAIL share price today opened at 119 apiece on BSE. The Steel Authority of India share price today touched an intraday low of 116.35 and a high of 120.45.

SAIL share prices have seen a sharp sell-off in the last couple of weeks, and this week in the first two sessions, the prices are down more than 11%.

"Today as well, the prices are down around 4% post-result. As of now, broader markets are under pressure, so one should wait for the bearish momentum to cool down and then re-enter longs. 110 is the next very strong support, whereas 125 is resistance," advised Rajesh Bhosale - Equity Technical and Derivative Analyst, Angel One.

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SAIL stated on Monday that lower income led a 22% decline in its consolidated net profit for the quarter that ended in December 2023, to 422.92 crore.

During the October–December 2022–2023 period, the steel manufacturer reported a net profit of 542.18 crore.

In the third quarter of FY24, the company's total income decreased to 23,492.33 crore from 25,140.16 crore in the same period last year, according to company's exchange filing.

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The interim dividend for FY24 has been declared by the Board of Directors at Re 1 per equity share. The record date for the interim dividend payment is February 20.

SAIL said that, in comparison to the same period last year, its output of crude steel was slightly higher during the quarter, at 4.75 million tonne (MT).

"The 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 realisation during the quarter."

The company remains steadfast in its commitment towards sustainable performance including emphasis on de-carbonisation, improving capacity utilisation, value addition, enhanced digitisation and achieving cost competitiveness," said Amarendu Prakash, SAIL's Chairman in an exchange filing.

Also Read: MSCI Rejig: PNB, BHEL, NMDC, among five additions to India Standard Index; 27 stocks added to Small Cap index

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

 

 

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Published: 13 Feb 2024, 10:07 AM IST
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