Steel Authority of India slumped 4.75% to Rs 56.15 at 9:55 IST on BSE,on 20th Nov'08, on reports it may consider cut in production due to the global economic slowdown.
The stock hit a high of Rs 57 so far during the day. The stock hit a low of Rs 55.25 so far during the day, which is 52-week low for the counter. The stock has a 52-week high of Rs 292.50 on 13 December 2007.
The company's current equity is Rs 4130.40 crore. Face value per share is Rs 10.
The current price of Rs 56.15 discounts the company's Q2 September 2008 annualized EPS of Rs 19.46, by a PE multiple of 2.89.
As per reports, Steel Authority of India (Sail) is considering scaling down production after a surge in inventories, due to sudden and sharp fall in demand.
In October 2008, Sail signed a memorandum of understanding (MoU) with Larsen & Toubro (L&T) to set up captive power plants to meet the future power requirements of the company.
Sail's net profit rose 18.2% to Rs 2009.60 crore on a 33.6% rise in sales to Rs 12238.59 crore in Q2 September 2008 over Q2 September 2007.
Sail is an integrated steel manufacturing company. The company's products include pig iron, steel ingots, liquid steel, alloy steel, special steel, stainless steel, ferro alloys, spirally welded pipes, and calcium ammonium nitrate. The Government of India currently holds 85.82% in the company.
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