In an exclusive interview, DIPAM Secretary Tuhin Kanta Pandey says plans for FY21 include IPOs of RailTel, IRFC Ltd and WAPCOS Ltd. and the privatisation of Nilanchal Ispat Nigam Ltd plant in Odisha, and the Salem and Bhadravathi steel plants of SAIL Ltd. Pandey also said the government is trying its best to complete the privatisation of Shipping Corp, Concor Ltd, Bharat Earth Movers Ltd and Central Electronics Ltd before March 31, 2021.
Motilal Oswal recommended Neutral rating on SAIL with a target price of Rs 42 in its research report dated September 16, 2020.
During the quarter under review, the company said its net profit declined to Rs 9,346.21 crore from Rs 14,998.20 crore in the April-June period of the preceding fiscal.
Soma Mondal, currently Director, Commercial, has been recommended to take over as the next Chairperson of the steel major
The company said its total sales grew by about 50 percent on year to 15.83 lakh tonnes during July 2020. The company had registered sale of 10.59 LT steel during the same month last year, it said.
The company had registered sale of 10.59 LT steel during the same month last year, Steel Authority of India Ltd (SAIL) said in a statement.
The strategy should be to buy on declines as technically the stock-specific formations are clearly indicating that the market is heading higher to hit the level of 11100/11200.
Total expenses during the quarter fell to Rs 11,682.12 crore as compared with Rs 17,964.25 crore a year ago.
The first consignment of R 260 has also been sent out through rake on June 30 from the company's Bhilai steel plant (BSP) in Chhattisgarh, Steel Authority of India Ltd (SAIL) said in a statement.
Demand for coal import is expected to remain subdued in the short-term given the high coal stock levels in pithead and power plants, according to mjunction.
Amit Sen, Director Finance, Steel Authority of India Ltd (SAIL), has also raised concerned that the borrowings could further go up and has sought management's cooperation to save SAIL from getting "paralysed by lack of liquidity".
The Indian Railways had placed an order with SAIL for supply of 13.5 lakh tonne rails in the current financial year.
Steel Authority of India Ltd (SAIL) has contributed to the Gaganyaan space mission and has successfully produced plates to be used in the satellite launch vehicle (SLV) that would launch the mission, SAIL's Bhilai Steel Plant (SAIL-BSP) CEO Anirban Dasgupta told PTI.
"China is not a major trade partner of India with regards to metals but its sheer size and global market share would impact pricing and profitability of various global commodities and indirectly impact Indian metal companies," said Kotak.
The company had a net profit of Rs 638.79 crore during the same quarter a year ago, the state-run firm said in a BSE filing.
The government holds a 75 percent stake in SAIL. It had last sold a 5 percent stake in the steel CPSE in December 2014.
Earlier, the Centre had approved outright sale of Alloy Steels Plant (ASP) in West Bengal, Salem Steel Plant (SSP) in Tamil Nadu and Visvesvaraya Iron and Steel Plant (VISP) in Karnakata, as accumulated loss in these units was over Rs 370 crore in the last fiscal.
Depending upon the Fe content, the iron ore can fetch a price of USD 40-45 a tonne to USD 62 a tonne, an expert said.
The government holds 75 percent stake in SAIL. It had last sold 5 percent stake in the steel CPSE in December 2014.
In a regulatory filing, Larsen & Toubro said that its Metallurgical & Material Handling (MMH) business and Mitsubishi Corporation has commissioned the hot strip mill at SAIL Rourkela on January 31, built with the technology from Primetals Technologies and Hitachi Japan.
The eight iron-ore mines of SAIL located in the eastern region produced 43.67 million tonne of the key raw material in 2019.
With sales of 1.68 million tonnes in December 2019, the company clocked a growth of 47 per cent over corresponding period last year (CPLY)," SAIL said in a statement.
According to the amended Mines and Minerals (Development and Regulation) Act, these licences will not be renewed and the mines will be allotted through fresh auctions.
Trends on SGX Nifty indicate a negative opening for the broader index in India, with a 26.5 points loss or 0.22 percent. The Nifty futures were trading around 12,228-level on the Singaporean Exchange.
The MoU was signed on December 18 in the presence of senior officials of SAIL and the National Health Authority, the steel PSU said.