Steel Authority of India dropped 1.90% to Rs 105.80 at 15:29 IST on BSE, on profit taking, after net profit surged 18.20% to Rs 2,009.60 crore in Q2 September 2008 over Q2 September 2007.
The stock hit a high of Rs 110 and a low of Rs 101.10 so far during the day. The stock has a 52-week high of Rs 292.50 on 13 December 2007 and a 52-week low of Rs 96.10 on 16 October 2008.
The stock had surged 7.05% to Rs 107.85 on 20 October 2008 ahead of the results.
The company’s current equity is Rs 4130.40 crore. Face value per share is Rs 10.
The current price of Rs 105.80 discounts the company’s Q1 June 2008 annualized EPS of Rs 17.77, by a PE multiple of 5.95.
Steel Authority of India (Sail)’s total income rose 33.73% to Rs 12,660.99 crore in Q2 September 2008 over Q2 September 2007.
On 1 October 2008, the company signed a memorandum of understanding with Larsen & Toubro to jointly set up, develop, manage and own captive/independent power plants at suitable locations to meet future power requirements of the company.
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.
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