Steel Authority of India shines

Steel Authority of India shines

Steel Authority of India advanced 4% to Rs 206.70 at 10:03 IST on BSE on reports that the stock is one among eight Asian stocks chosen by MSCI Inc. to join its global indices in February 2008.

Meanwhile, BSE Sensex was up 606.73 points or 3.58% to 17,555.61

On BSE, 1.08 lakh shares were traded in the counter. The stock had an average daily volume of 18.55 lakh shares in the past one quarter.

The stock hit a high of Rs 210 and a low of Rs 202 so far during the day. The stock had hit a 52 week high of Rs 292.50 on 13 December 2007 and a 52 week low of Rs 91.50 on 6 March 2007.

The large-cap scrip had underperformed the market over the past one month till 13 February 2008, declining 20.54% compared to the Sensex’s decline of 16.31%. It had also underperformed the market in the past one quarter, declining 20.44% compared to Sensex’s decline of 14.33%.

The company’s current equity is Rs 4,130.40 crore. Face value per share is Rs 10.

The current market price of Rs 206.70 discounts its Q2 September 2007 annualised EPS of Rs 16.47 by a PE multiple of 12.55.

Steel Authority of India (Sail) reported 31.50% rise in net profit to Rs 1934.66 crore on 12.41% rise in total income to Rs 9,847.64 crore crore in Q3 December 2007 over Q3 December 2006.

Sail is engaged in manufacturing and marketing iron and steel. The group produces both basic and special steels for domestic construction, engineering, power, railway, automotive and defence industries and for sale in export markets.