Multibagger Metals PSU Under Rs 180 Declares 3% Fall In Net, Dividend; Buy/Sell, Eligibility

Large cap public sector undertaking from the Iron & Steel industry, Steel Authority of India Limited (SAIL) today recommended Re 1/- per equity share of Rs 10 each for the financial year 2023-24. The PSU is yet to declare record date for dividend. The company declared 3% dip in its consolidated net profit at Rs 1125.7 crore for March 2024 quarter due to weaker domestic steel prices amid soaring competition from China. Last trading price of Steel Authority of India share is Rs 169.15 per share.

SAIL share 7.84% in last 1-week and surged 100% in last 2-years. Quant Mutual Fund-Quant Absolute Fund has 2.45% stake in SAIL with 101,332,000 shares. The company has a market capitalisation of Rs 69,860.51 crore.

SAIL Q4: The maharatna PSU declared a fall of 4% in consolidated revenue from operations at Rs 27,958.52 crore as against last year. SAIL's earnings in India impacted due to rise in imports of low-cost finished steel products from China. Earlier last week, SAIL Chairman Amarendu Prakash said company is keeping a vigil on Chinese imports after the United States increased tariffs on shipments from Beijing.

Consolidated revenue from operations for the whole year emerged flat at Rs 1.05 lakh crore. However, net profit soared 41% to Rs 3,066.67 crore. On a standalone basis, EBITDA declared at Rs 12,280 crore, up 30.9%.

Steel Authority of India Limited Recommends Dividend: As per the BSE filing of the company dated May 20, "the Board of Directors have recommended the Final Dividend @ Rs.1/- per equity share of Rs.10/- each for the Financial Year 2023-24 (i.e.10% of the paid up equity share capital of the Company). The Final dividend is in addition to the interim dividend of Rs. 1/- per equity share of Rs. 10/- each, declared in February, 2024. The said Final dividend for FY 2023-24 will be paid within 30 days from the date of approval by the Shareholders in the ensuing Annual General Meeting, the date of which will be intimated in due course."

SAIL Share Performance: The 52-week high price of Steel Authority of India Limited share on BSE is Rs 171.50 per share (as on 18/05/2024) and 52-week low price is Rs 80.50 per share (as on 26/05/2023). Steel Authority of India Limited share surged 36% year-to-date, jumped 89% in last 6-months, and offered return of 105% in last 1-year.

SAIL Dividend History: Steel Authority of India (SAIL) Ltd. announced 30 dividends since January 31, 2005. In last 1-year, the PSU announced an equity dividend amounting to Rs 1.50 per share. At the current share price of Rs 169.15, Steel Authority of India (SAIL) Ltd offers a dividend yield of 0.89%.

ICICI Securities Gives Sell Call: ICICI Securities recommended sell call for SAIL share with target price of Rs 100 per share.

SAIL Technical: Score is 67.9 indicating that the stock is technically moderately strong. Stocks with score between 60 and 70 are considered as technically moderately strong. RSI is 62.7, RSI below 30 is considered oversold and above 70 overbought. MFI is 59.9, MFI above 70 is considered overbought. This implies that stock may show pullback, according to Trendlyne.

About: Steel Authority of India Limited (SAIL) is one of the largest steel-making companies in India and one of the Maharatnas of the country's Central Public Sector Enterprises. SAIL produces iron and steel at five integrated plants and three special steel plants, located principally in the eastern and central regions of India and situated close to domestic sources of raw materials. SAIL manufactures and sells a broad range of steel products, as per its official website.

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