One can go short in Steel Authority of India on rally, says Sudarshan Sukhani of s2analytics.com.
Sukhani told CNBC-TV18, “Steel Authority of India (SAIL) has been falling consistently. It is not just one day; it has been consistently falling for the last one-and-a-half month. The market understands something that we do not.”
He further added, “Wednesday’s big decline in SAIL is a message that more is coming. So, either go short in SAIL on any rally or avoid it. There is no falling knife catching here.”
The share touched its 52-week high Rs 115.90 and 52-week low Rs 77.20 on 17 February, 2012 and 05 September, 2012, respectively.Currently, it is trading 28.08% below its 52-week high and 7.97% above its 52-week low.
The company's trailing 12-month (TTM) EPS was at Rs 8.57 per share. (Sep, 2012). The stock's price-to-earnings (P/E) ratio was 9.73. The latest book value of the company is Rs 96.38 per share. At current value, the price-to-book value of the company was 0.86. The dividend yield of the company was 2.4%.
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