SAIL shares hit 52-week high on record quarterly sales during Jan-March quarter

The company clocked its best ever quarterly sales at 4.27 million tonnes (MT) during the March quarter of the last fiscal year, up 14 percent over the year-ago period.

April 05, 2021 / 02:06 PM IST
 
 
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Steel Authority of India (SAIL) share price gained over 3 percent intraday on April 5 after the company clocked its best-ever quarterly sales at 4.27 million tonnes (MT) during the March quarter of the last fiscal year, up 14 percent over the year-ago period.

The domestic steel giant's crude steel production increased by 6 percent during the quarter to 4.55 MT.

"(SAIL), the Maharatna PSU, has recorded its best-ever quarterly performance in both production and sales during Q4 FY21," the company said in a statement.

The company had clocked 3.74 MT sales and 4.31 MT crude steel output during the January-March quarter of fiscal 2019-20.

About annual figures, the company said despite the volatility in the market during the year, the determined efforts by the company to improve its volumes saw it clock its best-ever annual sales at 14.87 MT, a growth of 4.4 percent over 14.23 MT during FY'20," the company said.

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The stock was trading at Rs 86.90, up Rs 3.10, or 3.70 percent at 12:43 hours. It has touched a 52-week high of Rs 88.65. It has touched an intraday high of Rs 88.65 and an intraday low of Rs 83.55.

Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities is of the view that bulls are in total control and would like to maintain a positive stance in the near future. Further, on the daily and weekly charts, the stock has formed a strong promising price volume breakout formation that also supports short-term uptrend.

For the trend following traders, level of Rs 80 and Rs 78 should be key. The overall chart structure suggests if the stock sustained above the same then breakout continuation texture is likely to continue up to Rs 90-94, he added.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Moneycontrol News
first published: Apr 5, 2021 01:21 pm

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