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Hold Steel Authority of India; target of Rs 80: ICICI Direct

ICICI Direct recommended hold rating on Steel Authority of India with a target price of Rs 80 in its research report dated May 25, 2022.

May 26, 2022 / 08:10 AM IST
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ICICI Direct's research report on Steel Authority of India

Steel Authority of India (SAIL) is one of the leading steel producers in India, which has five large integrated steel plants (Bhilai steel plant, Rourkela steel plant, Durgapur steel plant, Bokaro steel plant and IISCO). In addition, SAIL also has three special steel plants. • SAIL has iron ore mines in states of Chhattisgarh, Jharkhand and Odisha, which aids in meeting 100% of its iron ore requirements captively • In FY22, SAIL reported crude steel production of 17.36 million tonnes (MT) and steel sales volume of 16.15 MT.


We downgrade the stock from BUY to HOLD, due to elevated coking coal prices. We value SAIL at Rs 80, 5x FY24E EV/EBITDA.


For all recommendations report, click here

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first published: May 26, 2022 08:10 am
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