SAIL can test Rs 115: Sharmila Joshi

SAIL can test Rs 115, says Sharmila Joshi of Fairwealth Securities.

Joshi told CNBC-TV18, “SAIL is currently at Rs 95-97 levels. So I think that this is not a good price to sell because definitely from this level I would expect an upside. There has been some kind of price recovery in the steel space, but I think that has more to do with inventories and the way the production cuts that they have taken etc. So not really much of a very strong outlook in terms of pricing improving for steel products largely because of the kind of news that you are getting out of China, but that a side for SAIL it will be okay because they do have a brownfield expansion coming in. So maybe we can expect Rs 115 kind of levels."
The company's trailing 12-month (TTM) EPS was at Rs 11.82 per share. (Dec, 2011). The stock's price-to-earnings (P/E) ratio was 8.30. The latest book value of the company is Rs 89.75 per share. At current value, the price-to-book value of the company was 1.09. The dividend yield of the company was 2.45%.