Net Sales are expected to increase by 33.8 percent Y-o-Y (up 44 percent Q-o-Q) to Rs. 22,800 crore, according to Prabhudas Lilladher.
This was after the government's clearance for outright sale of state-owned SAIL's three special steel units -- Salem Steel Plant, Alloy Steels Plant and Visvesvaraya Iron and Steel Plant -- in 2017.
Steel producers have asked for a hike in import duties, to protect the domestic industry. Help may be at hand. Iron ore prices have been rising sharply, due to Vale’s regulatory issues. Eventually, steel prices will too, giving steel producers relief.
Net profit came in at 6.16 billion rupees ($86.25 million) for the three months ended December 31, compared with a profit of 431.6 million rupees in the previous year, the country's second-biggest steel company by assets said.
Vale's move comes after disaster struck after one of Vale's tailing dams in Brazil burst, killing at least 65 people with hundreds still missing.
The post of SAIL chairman fell vacant on June 30 with the retirement of P K Singh.
Prabhudas Lilladher recommended hold rating on Steel Authority of India with a target price of Rs 86 in its research report dated August 07, 2018.
As against a loss of Rs 685 crore in June quarter last year the company posted a profit of Rs 540 crore in Q1FY19.
Sudarshan Sukhani of s2analytics.com recommends buying Mahindra & Mahindra with stop loss at Rs 820 and target of Rs 850, a buy in Mindtree with stop loss at Rs 1020 and target of Rs 1065 and a buy also in Godrej Consumer Products with stop loss at Rs 1090 and target at Rs 1135.
"We advice traders to sell this stock in a range of Rs 77 to Rs 78 with a price target of Rs 63. A stop loss should be placed above Rs 81.50," says Aditya Agarwal,Head Technical Research at Way2Wealth Brokers.
Nifty has formed two consecutive 'Doji' candlestick pattern on daily scale indicating indecisiveness at current level. It is hovering around 100 SMA of 10,440 levels. A congestion area has developed and the Nifty is seen oscillating in a capped range of 10380-10630 levels," says Rajesh Agarwal of AUM Capital.
Rajat Bose of rajatkbose.com recommends buying Vedanta, Steel Authority of India and Nahar Poly Films.
Ashwani Gujral of ashwanigujral.com is of the view that one can sell Steel Authority of India and DCB Bank and can buy Zensar Technologies.
Kiran Jadhav of KiranJadhav.com recommends buying Mortherson Sumi Systems, Bharat Forge and Steel Authority of India.
The committee consists of members from the Ministry of Steel, PSUs and technical experts, Minister of State for Steel Vishnu Deo Sai said in the Lok Sabha.
The PSU had clocked a net loss of Rs 731.58 crore in the corresponding quarter of 2016-17, the company said in a BSE filing.
Mitessh Thakkar of miteshthakkar.com is of the view that one can buy GAIL India and Kajaria Ceramics and sell HDFC, Reliance Infrastructure and MRF.
Mitessh Thakkar of miteshthacker.com suggests buying NMDC and Steel Authority of India.
The CBI had filed FIR against Bhuneswar Prasad Verma, the then Executive Director Rourkela Steel Plant under Steel Authority of India (now suspended and posted at Durgapur Steel Plant Burdwan) for accumulating Rs 2.24 crore of disproportionate assets.
Mitessh Thakkar of mitesshthakkar.com is of the view that one may buy Bharat Forge and Century Textiles and can sell JSW Energy, Karnataka Bank and Godfrey Phillips.
Mitessh Thakkar of mitesshthakkar.com suggests buying Jain Irrigation, Chambal Fertilisers, Raymond and Steel Authority of India.
Ashu Madan of Religare Securities has a positive view on Karnataka Bank but suggests avoiding Steel Authority of India.