Moneycontrol
Nov 10, 2017 09:35 AM IST | Source: Moneycontrol.com

SAIL gains 3% on strong Q2 numbers; Motilal Oswal maintain sell

Brokerage house Motilal Oswal has maintained sell rating on the stock with a target raised to Rs 43 per share.

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Shares of Steel Authority of India (SAIL) gained 3 percent in the early trade on Friday as the company's net loss narrowed in the quarter ended September 2017.

The company has reported net loss at Rs 539.1 crore against loss of Rs 731.6 crore in a year ago period.

Revenue has increased by 21.3 percent at Rs 13,617 crore against Rs 11,225 crore.

The operating profit (EBITDA) was up 723 percent at Rs 914 crore and EBITDA margin was up 570 bps at 6.7 percent.

Brokerage house Motilal Oswal has maintained sell rating on the stock with a target raised to Rs 43 per share.

According to the firm, the lower raw material cost and higher volume help to EBITDA increase. The raw material cost per tonne was down to Rs 2,419, QoQ.

It has upgraded the estimates on improved steel outlook.

At 09:24 hrs Steel Authority of India was quoting at Rs 78.80, up Rs 0.65, or 0.83 percent on the BSE.

Posted by Rakesh Patil
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