SAIL share price at day’s high after record growth in sales

Shares of Steel Authority of India Ltd (SAIL) on Thursday traded higher after recording the highest-ever sales in a month during December 2019. The shares hit the day’s high of 9 per cent from the previous close in the morning trade. The shares were trading at Rs 46.80 up 3.90, or 9.09 per cent on BSE at the time of reporting. On Wednesday, SAIL said that it has posted a 47 per cent rise in sales during December. “The company has achieved the highest-ever sales in a month during December 2019. With sales of 1.68 million tonnes in December 2019, the company clocked a growth of 47 per cent over the corresponding period last year (CPLY),” SAIL said in a statement.

During November, the company recorded a jump of 36 per cent y-o-y in sales during November last year. Despite the challenging steel market conditions, SAIL has exhibited resilient performance consistently and will continue to do so in the future also, SAIL Chairman Anil Kumar Chaudhary said.

Meanwhile, the benchmark equity indices traded higher on Thursday tracking gains in metal, energy and banking stocks. Even positive cues from the Chinese bourses helped the domestic indices to trade higher. The 30-share BSE index was trading 155.40 points or 0.38 per cent higher at 41,463.19. Similarly, the broader NSE Nifty rose 49.85 points or 0.41 per cent to 12,232.35. Tata Steel was the top gainer in the Sensex pack, followed by L&T and Reliance Industries. On the other hand, TCS was the top loser, followed by Bajaj Auto and Titan. In the last session, the 30-share gauge gained 52.28 points or 0.13 per cent to close at 41,306.02, while the Nifty settled 14.05 points or 0.12 per cent, higher at 12,182.50.

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