SAIL shares retreat from 52-week high

Steel Authority of India Ltd (SAIL) Share Price, Market News: Steel Authority of India (SAIL) shares took a breather after scaling a fresh 52-week high on Wednesday, halting a three-day winning run. The stock of New Delhi-headquartered SAIL, a manufacturer of iron and steel products, fell by as much as Rs 7.1, or 4.0 per cent, to Rs 167.2 apiece on BSE, reversing all of the sharp gains registered in the previous session. 

At 1:25 pm, SAIL shares were down 2.9 per cent for the day at Rs 169.1 apiece on BSE.

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On Monday, the PSU reported its financial results for the quarter as well as the year ended March 31. While its quarterly standalone net profit declined about 3.6 per cent on a year-on-year basis to Rs 1,011 crore, revenue contracted 4.0 per cent to Rs 27,958 crore, according to a regulatory filing.   

The company also staged a strong performance on the operational front.  

Its March-quarter earnings before interest, taxes, depreciation and amortisation (EBITDA) grew about 19 per cent to Rs 3,475 crore and margin improved by 240 basis points (bps) to 12.4 per cent. 

According to Zee Business research, SAIL was estimated to register a quarterly ner profit of Rs 210 crore and revenue of Rs 27,033 crore. The analysts pegged its EBITDA at Rs 1,983 crore and margin at 7.3 per cent. 

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