Sensex stays firm at higher level, above 14,400
The BSE Sensex, which had surged above the 14,400 mark in opening trade, remained strong as strong buying continued.
At 11:31 IST the BSE Sensex was up 142.15 points, at 14,408.39. It had opened higher, at 14,293.11, and surged to strike an all-time high of 14,416.01 as buying continued from yesterday (1 February 2007).
The total turnover on BSE amounted to a healthy Rs 2072 crore.The market-breadth was strong, as buying momentum continued for small-cap and mid-cap stocks. For 1,619 shares advancing, 786 declined. A total of 70 remained unchanged.Among the 30-member Sensex pack, 29 advanced while NTPC (down 0.90% to Rs 144.40) was the only loser.IT major Wipro was the top gainer, up 2.81% to Rs 639.75, on 96,072 shares.
SAIL gets going
State-run Steel Authority of India rose 3.07% to Rs 112.35, after receiving orders worth Rs 117 crore from the government.The surge, triggered by the order for supplying 11,300 tonnes of ferritic stainless steel strips, clocked 9.58 lakh shares on BSE.
The stock has been range-bound since the beginning of this calendar year. From 2 January 2007, the stock fluctuated between Rs 83 - Rs 99 to 23 January 2007. Here, the scrip surged to Rs 112.35 by 2 February 2007 amid volatility. On 31 January 2007, the scrip hit a life high of Rs 117 during intra-day trading.
At the current market price of Rs 112.35, Steel Authority of India (SAIL) trades at 8.08 times its April-December 2006 annualized EPS of Rs 13.90.
SAIL’s net profit surged 124% to Rs 1,471 crore during the third quarter of 2006-07, against Rs 656 crore recorded during the corresponding period last year. Net sales stand at Rs 9,657 crore during Q3 December 2006.
The Salem Steel Plant of SAIL has received orders worth Rs 117 crore from the government for 11,300 tonnes of ferritic stainless steel strips. The strips, to be supplied to the Government of India mint in Kolkata, will be used to mint coins. The first lot will be supplied in February-2007.
The public sector steel major registered its highest net profit of Rs 4,300 crore for the nine months ended December 2006. Net profit grew 48% for the nine-month period over the corresponding period of the previous year. SAIL also recorded its highest nine months' turnover, at Rs 27,655 crore, during the same period - an increase of 25% over the year-ago period.
The company’s board also announced an interim dividend for the third consecutive year, at the rate of 16% of the paid-up equity, amounting to Rs 660.86 crore for the nine months ended December 2006. SAIL paid an interim dividend of 12.5% at the end of the third quarter of the previous fiscal.
The profitability of SAIL improved mainly due to higher production and sales of steel coupled with a better product-mix, productivity, techno-economic parameters and higher sales realisation. This despite increasing freight costs for inputs.
SAIL plants operated at an average capacity of 112% in the first nine months of 2006-07. Production of value-added items was boosted - 76% for pipes, 23% in rounds and bars, 14% in HR coils, 8% in CRNO, and 5% in plates. Production of value-added products was 16% higher.
As per reports on 28 January, steel minister Ram Vilas Paswan said SAIL will invest Rs 1,00,000 crore on raising capacity from 14.6 million tonne to 40 million tonne by 2020. 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 compared with the same period last year. In January-2007, 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. The company is also on the hunt for coal properties to reduce its dependence on imported coal.
In an effort to implement its Corporate Plan 2010 for ramping up capacity to about 22 million tonnes (MT), the company has been granted approvals for projects worth about Rs 10,600 crore during the quarter. Projects worth around Rs 28,000 crore have been sanctioned for implementation. These include ‘in-principle’ approval for modernisation and expansion of IISCO Steel Plant, Salem Steel Plant, Bokaro Steel Plant and some schemes in the other operating units of the company.
During the current financial year, SAIL had appointed dealers in 432 districts. The total number of districts covered by SAIL’s dealers now stands at 529.
At 11:31 IST the BSE Sensex was up 142.15 points, at 14,408.39. It had opened higher, at 14,293.11, and surged to strike an all-time high of 14,416.01 as buying continued from yesterday (1 February 2007).
The total turnover on BSE amounted to a healthy Rs 2072 crore.The market-breadth was strong, as buying momentum continued for small-cap and mid-cap stocks. For 1,619 shares advancing, 786 declined. A total of 70 remained unchanged.Among the 30-member Sensex pack, 29 advanced while NTPC (down 0.90% to Rs 144.40) was the only loser.IT major Wipro was the top gainer, up 2.81% to Rs 639.75, on 96,072 shares.
SAIL gets going
State-run Steel Authority of India rose 3.07% to Rs 112.35, after receiving orders worth Rs 117 crore from the government.The surge, triggered by the order for supplying 11,300 tonnes of ferritic stainless steel strips, clocked 9.58 lakh shares on BSE.
The stock has been range-bound since the beginning of this calendar year. From 2 January 2007, the stock fluctuated between Rs 83 - Rs 99 to 23 January 2007. Here, the scrip surged to Rs 112.35 by 2 February 2007 amid volatility. On 31 January 2007, the scrip hit a life high of Rs 117 during intra-day trading.
At the current market price of Rs 112.35, Steel Authority of India (SAIL) trades at 8.08 times its April-December 2006 annualized EPS of Rs 13.90.
SAIL’s net profit surged 124% to Rs 1,471 crore during the third quarter of 2006-07, against Rs 656 crore recorded during the corresponding period last year. Net sales stand at Rs 9,657 crore during Q3 December 2006.
The Salem Steel Plant of SAIL has received orders worth Rs 117 crore from the government for 11,300 tonnes of ferritic stainless steel strips. The strips, to be supplied to the Government of India mint in Kolkata, will be used to mint coins. The first lot will be supplied in February-2007.
The public sector steel major registered its highest net profit of Rs 4,300 crore for the nine months ended December 2006. Net profit grew 48% for the nine-month period over the corresponding period of the previous year. SAIL also recorded its highest nine months' turnover, at Rs 27,655 crore, during the same period - an increase of 25% over the year-ago period.
The company’s board also announced an interim dividend for the third consecutive year, at the rate of 16% of the paid-up equity, amounting to Rs 660.86 crore for the nine months ended December 2006. SAIL paid an interim dividend of 12.5% at the end of the third quarter of the previous fiscal.
The profitability of SAIL improved mainly due to higher production and sales of steel coupled with a better product-mix, productivity, techno-economic parameters and higher sales realisation. This despite increasing freight costs for inputs.
SAIL plants operated at an average capacity of 112% in the first nine months of 2006-07. Production of value-added items was boosted - 76% for pipes, 23% in rounds and bars, 14% in HR coils, 8% in CRNO, and 5% in plates. Production of value-added products was 16% higher.
As per reports on 28 January, steel minister Ram Vilas Paswan said SAIL will invest Rs 1,00,000 crore on raising capacity from 14.6 million tonne to 40 million tonne by 2020. 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 compared with the same period last year. In January-2007, 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. The company is also on the hunt for coal properties to reduce its dependence on imported coal.
In an effort to implement its Corporate Plan 2010 for ramping up capacity to about 22 million tonnes (MT), the company has been granted approvals for projects worth about Rs 10,600 crore during the quarter. Projects worth around Rs 28,000 crore have been sanctioned for implementation. These include ‘in-principle’ approval for modernisation and expansion of IISCO Steel Plant, Salem Steel Plant, Bokaro Steel Plant and some schemes in the other operating units of the company.
During the current financial year, SAIL had appointed dealers in 432 districts. The total number of districts covered by SAIL’s dealers now stands at 529.
posted by SY at 12:39 PM
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