By Aditya Raghunath
Investing.com — Steel Authority of India Ltd. (NS:SAIL) stock price has been on a roll. The stock was trading at Rs 34.15 on November 2 and is currently at Rs 69.25, an upside of over 100% in a little less than two months. This is the highest the stock has traded at in two years. What’s next for the stock?
If the views of SAIL Chairman Anil Kumar Chaudhary are anything to go by, expect the ride to continue. Steel prices in India are at never before seen levels. In an interview with the business news channel ET Now, Choudhary said that he expects steel prices to stay high for a little longer. He said, “Domestic steel prices follow international prices. HRC prices around the world are at $750/tn and domestic prices are at a discount of close to Rs. 2000/tn compared to international.”
SAIL is the country’s largest steel manufacturer with a total capacity of 21 million tonnes per annum. The company has a target to more than double its capacity to 50 million tonnes a year by 2030.
In the quarter ended September 2020, SAIL reported a net profit of Rs 437 crore compared to a loss of Rs 286 crore in the corresponding quarter of 2019 and a loss of Rs 1,226 crore in the quarter ended June 2020.
News Source:- Investing.com