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Hold Steel Authority of India; target of Rs 85: ICICI Direct

ICICI Direct recommended hold rating on Steel Authority of India with a target price of Rs 85 in its research report dated August 12, 2022.

August 14, 2022 / 11:16 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 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.


Outlook


We maintain our HOLD rating on the stock. We value SAIL at Rs 85, 5x FY24E EV/EBITDA.


For all recommendations report, click here

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Steel Authority of India - 120822 - ic

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first published: Aug 14, 2022 11:11 am
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