Profit-booking starts
The market slipped from the higher level, as profit-booking began. At 13:28 IST the BSE Sensex was up 67.52 points, at 14,122.06. It had opened strong, extending gains from Friday, and surged to strike an all-time high of 14,202.41, as buying continued. The benchmark index had also dipped to a low of 14,110.44, earlier.
The market-breadth was strong on BSE, as buying happened across small-cap and mid-cap counters. On BSE, there were over 2 gainers for every loser. For 1,836 shares advancing, 765 declined and 38 remained unchanged.The total turnover on BSE amounted to Rs 3092 crore.Among the 30-Sensex pack, 20 advanced while the rest declined.
Support pours in for Sail on expansion plans
State-run steel major Sail surged 7.6% to Rs 97.55, extending Friday’s rally, on back of the steel minister's statement for massive expansion at the company.As many as 56.6 lakh shares changed hands in the counter on BSE.
The announcement lifted the stock 5.1% on Friday (12 January 2007) to Rs 90.65, with a high volume of 59.1 lakh shares accompanying Friday’s surge.
The stock witnessed alternate bouts of buying and selling since late December 2006. The stock surged 12.6% to Rs 92.25 on 3 January 2007 from Rs 81.90 on 21 December 2006. From this high, the stock shed 10% in five trading sessions to Rs 83 on 10 January 2007. From Rs 83, the stock rose 9.2% in two days to Rs 90.65 on 12 January 2007.
Steel minister Ram Vilas Paswan said on Friday that Steel Authority of India (Sail) will invest Rs 1,00,000 crore on raising its capacity from 14.6 million tonnes per annum to 40 mtpa by 2020. Sail had earlier announced scaling up capacity to 23.8 mtpa by 2010.
Sail achieved a record production of 3.318 million tonnes of saleable steel and the highest ever sale of 3.014 million tonnes in December 2006 quarter. The company registered 6% growth in saleable steel production and an 8% increase in sales in December 2006 quarter as compared to the same period last year.
During the first nine months of 2006-07, Sail plants operated at an average capacity utilisation of 112% producing 9.328 million tonnes of saleable steel, an increase of 6% over the corresponding period during the previous year. Production of value-added items such as rounds and bars, medium structurals, HR coils and plates recorded a growth of 23%, 15%, 14% and 5%, respectively, during the period. The record sales during the third quarter took the company's total sales to 8.412 million tones in the first nine months' period.
Sail’s raw material division (RMD), which mainly caters to the iron ore needs of the company's plants located in Bokaro, Rourkela, Durgapur and Burnpur, ended the 2006 calendar year with a record iron ore production of 16.83 million tonnes. This was the best-ever production of iron ore in any calendar year since the inception of RMD. In December 2006, most of the mines under RMD recorded their highest-ever monthly production of iron ore,
Last month, Sail said it has been exploring several opportunities for acquisition of ownership interest in coalmines abroad for establishing long-term security in supplies of coking coal. Sail is on the hunt for coal properties to reduce its dependence on imported coal. As coal prices have seen a sharp rise in two years, the company's own sources will play an important role in reducing cost of steel production.
Sail reported a 28% rise in net profit to Rs 1,443 crore in the second quarter ended September 2006, against the corresponding period of the previous year. The company's revenue was up 17% to Rs 9,586 crore in Q2 this year, compared to revenue in the same period last year.
The market-breadth was strong on BSE, as buying happened across small-cap and mid-cap counters. On BSE, there were over 2 gainers for every loser. For 1,836 shares advancing, 765 declined and 38 remained unchanged.The total turnover on BSE amounted to Rs 3092 crore.Among the 30-Sensex pack, 20 advanced while the rest declined.
Support pours in for Sail on expansion plans
State-run steel major Sail surged 7.6% to Rs 97.55, extending Friday’s rally, on back of the steel minister's statement for massive expansion at the company.As many as 56.6 lakh shares changed hands in the counter on BSE.
The announcement lifted the stock 5.1% on Friday (12 January 2007) to Rs 90.65, with a high volume of 59.1 lakh shares accompanying Friday’s surge.
The stock witnessed alternate bouts of buying and selling since late December 2006. The stock surged 12.6% to Rs 92.25 on 3 January 2007 from Rs 81.90 on 21 December 2006. From this high, the stock shed 10% in five trading sessions to Rs 83 on 10 January 2007. From Rs 83, the stock rose 9.2% in two days to Rs 90.65 on 12 January 2007.
Steel minister Ram Vilas Paswan said on Friday that Steel Authority of India (Sail) will invest Rs 1,00,000 crore on raising its capacity from 14.6 million tonnes per annum to 40 mtpa by 2020. Sail had earlier announced scaling up capacity to 23.8 mtpa by 2010.
Sail achieved a record production of 3.318 million tonnes of saleable steel and the highest ever sale of 3.014 million tonnes in December 2006 quarter. The company registered 6% growth in saleable steel production and an 8% increase in sales in December 2006 quarter as compared to the same period last year.
During the first nine months of 2006-07, Sail plants operated at an average capacity utilisation of 112% producing 9.328 million tonnes of saleable steel, an increase of 6% over the corresponding period during the previous year. Production of value-added items such as rounds and bars, medium structurals, HR coils and plates recorded a growth of 23%, 15%, 14% and 5%, respectively, during the period. The record sales during the third quarter took the company's total sales to 8.412 million tones in the first nine months' period.
Sail’s raw material division (RMD), which mainly caters to the iron ore needs of the company's plants located in Bokaro, Rourkela, Durgapur and Burnpur, ended the 2006 calendar year with a record iron ore production of 16.83 million tonnes. This was the best-ever production of iron ore in any calendar year since the inception of RMD. In December 2006, most of the mines under RMD recorded their highest-ever monthly production of iron ore,
Last month, Sail said it has been exploring several opportunities for acquisition of ownership interest in coalmines abroad for establishing long-term security in supplies of coking coal. Sail is on the hunt for coal properties to reduce its dependence on imported coal. As coal prices have seen a sharp rise in two years, the company's own sources will play an important role in reducing cost of steel production.
Sail reported a 28% rise in net profit to Rs 1,443 crore in the second quarter ended September 2006, against the corresponding period of the previous year. The company's revenue was up 17% to Rs 9,586 crore in Q2 this year, compared to revenue in the same period last year.
posted by SY at 2:17 PM
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