Steel Authority of India (SAIL) enters the 100 Most valued Indian firms club after gaining Rs. 50000 crore as market capitalisation. At 10:19 am, SAIL stood at 78th position in the overall m-cap ranking with a market cap of Rs 55,529 crore, BSE data shows.
The steel company surged a huge over 74% in 1.5 months time from a price of Rs. Rs. 76.7 to Rs. 133.5 currently. This is on anticipation of strong results for the quarter ended March and robust outlook for the sector.
SAIL is one of the leading steel producers in India, which has 5 large integrated steel plants (Bhillai steel plant, Rourkela steel plant, Durgapur steel plant, Bokaro steel plant and IISCO) spread across 4 states in eastern India (Chattisgarh, Odisha, West Bengal and Jharkhand). In addition, SAIL also has 3 special steel plants (Salem Steel plant, Alloy Steel plant and Visvesvaraya iron and steel plant) and a Ferro Alloy plant at Chandrapur.
For the first nine months (April to December) of fiscal 2020-21 (9MFY21), SAIL had posted a consolidated profit after tax of Rs 406 crore as against loss of Rs 704 crore during the same period of FY20.
“The multipronged strategy has helped us top the performances during the month, quarter, as well as, the year. The team effort by the SAIL employees helped in seizing the opportunity offered by the pick-up in the economic activities in the country especially the steel-intensive ·sectors like infrastructure, construction, automobiles, etc,” the management added.
In line with its focus on reducing the borrowings, the company has reduced its gross debts by around Rs 16,150 crore to stand at Rs 35,330 crore (provisional) as on March 31, 2021 vis-à-vis Rs 51,481 crore as on March 31, 2020.