SAIL share price target, SAIL Q4 results: Steel Authority of India Ltd (SAIL) share remained in focus on Tuesday, May 21, a day after the PSU released a strong set of March quarter earnings results along with a final dividend announcement. Rising for the third session, the counter rose as much as 3.5 per cent to hit a 52-week high of Rs 175.1 on NSE. The counter closed at Rs 173.5, up 2.57 per cent on NSE.

SAIL share price target: Should you buy, sell or hold?

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

Morgan Stanley has maintained an 'underweight' rating on the SAIL stock with a target of Rs 100.

SAIL Q4 results latest news

On Monday, SAIL reported a marginal 2 per cent fall in consolidated net profit to Rs 1,126.68 crore during the March quarter, because of higher raw material prices.

It had posted a Rs 1,159.21-crore net profit in the year-ago period, the company said in an exchange filing. The company's revenue from operations also fell to Rs 27,958.52 crore from Rs 29,130.66 crore in the March quarter of FY23.

The fall in profit and revenues were coupled with high cost of raw materials in the fourth quarter of FY24 at Rs 15,130 crore, higher from Rs 14,828.04 crore a year ago. Its total expenses were lower at Rs 26,473.86 crore as against Rs 28,088.17 crore in the same period a year ago.

SAIL dividend 2024

SAIL has also approved a final dividend of Re 1 for FY24.

Management Outlook 

SAIL Chairman Amarendu Prakash said, "The domestic markets have remained quite robust showcasing continual growth in demand. We have been taking various initiatives towards increasing volumes, adding that value-added products to product basket and improving efficiency levels, which is reflected in the improved physical performance year-on-year." SAIL under the Ministry of Steel is the country's largest steel producing entity.

(With PTI Inputs)

 For all other news related to business, politics, tech and auto, visit Zeebiz.com.