SAIL shares fall over 5% after weak Q3 results - Check share price target

SAIL Share Price Target, SAIL Dividend 2024 Record Date: The shares of Steel Authority of India (SAIL), one of the largest steel producers in India, fell over 5 per cent during the early trading session on Tuesday i.e. on February 13, after the Maharatna company reported a loss in the December 2023 quarter.  

The counter opened at Rs 119 i.e. with a loss of 3.17 per cent today. It went on to fall as much as 5.33 per cent to touch the day's low of Rs 116.35. The counter had closed at 122.90 in the last trading session.

Last seen, the scrip was still in red and was trading at Rs 118.75. 

The stock has been losing for the last five days and has fallen around 19.33 per cent in the period. On technical parameters, shares of the PSU were trading at higher than 50-day, 100-day and 200-day moving averages but lower than 5-day and 20-day moving averages.

SAIL Share Price Target

Meanwhile, Morgan Stanley has maintained equalweight and has set the target price of Rs 85.

SAIL Q3 Results

Earlier, the PSU reported a 22 per cent fall in its consolidated net profit to Rs 422.92 crore for the quarter ended in December 2023 due to lower income. The steel maker had posted a net profit of Rs 542.18 crore during the October-December period of 2022-23.

The company's total income fell to Rs 23,492.33 crore in the third quarter of FY24 from Rs 25,140.16 crore a year ago, according to an exchange filing by the company.

Expenses stood at Rs 23,140.81 in the reporting quarter as against Rs 24,825.11 crore in the third quarter of last fiscal.

SAIL Dividend 2024 

Sail has announced a dividend of Re 1 per equity share of Rs 10 each i.e. 10 per cent of the paid-up equity share of the capital of the company. 

The company has fixed February 20 as the record date for payment of interim dividend.