Maharatna PSU Metal Stock Declines 8.04% Intraday, Declares Re 1/Share Dividend

Maharatna public sector undertaking, Steel Authority Of India Ltd shares witnessed a decline of 8.04% intraday today. Last trading price of SAIL shares on BSE is Rs 122.90 apiece. The company declared its consolidated net profit at Rs 422.92 crore for the quarter ended December 2023 as compared to Rs 542.18 crore in the corresponding quarter of last year due to the inventory costs. SAIL declared an interim dividend of Re 1 per share and fixed February 20 as record date.

Meanwhile, revenue from operations for the December quarter announced at Rs 23,348.64 crore, down 6% from Rs 25,042.10 crore in the similar quarter of last year, as per the BSE filing of SAIL. Check details below:

SAIL Declares Interim Dividend: The company stated in its today's BSE filing, "The Board of Directors in the meeting also declared an Interim-Dividend @ Rs. 1/- per equity share of Rs. 10/- each (10% of the paid up equity share capital of the Company). The record date for the purpose of payment of Interim Dividend is 20th February, 2024."

SAIL Q3: The company's revenue from its Bhilai plant declared at Rs 6500 crore, down 12.1%. Meanwhile, the revenue from Rourkela and Bokaro units announced at Rs 5863.3 crore and Rs 6003.6 crore, respectively. Earlier this year in January, Centre shelved disinvestment of Salem Steel plant, the company's stainless steel unit amid lack of interest from bidders. Earlier last year in 2022, privatisation of SAIL's Bhadravathi plant had to be cancelled due to insufficient bidder interest.

"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 realization during the quarter", said chairman Amarendu Prakash.

Crude steel production for the quarter under review declared at 4.75 million tonne as against 4.71 million tonne declared in the corresponding quarter of last year. Sales volume declined to 3.81 million tonne as against 4.15 million tonne in Q3 Fy23.

Steel Authority of India Stock Performance & Return: The 52-week high price of Steel Authority of India shares on BSE is Rs 150.00 apiece and 52-week low price is Rs 80.50 apiece, respectively. The company has a market capitalisation of Rs 50,758.83 crore. SAIL shares declined 9% in last 1-week, soared 37% in last 3-months, jumped 45% in last 1-year, rallied 21% in last 2-years, and offered return of 90% in last 1-year. In last 5-years, Steel Authority Of India shares soared 160%.

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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