SAIL shares soar 7 percent


SAIL shares soar 7 percent
Bangalore: Steel Authority of India (SAIL) ended the trading as one of the top gainers with a gain of 15.70 (6.43 percent). SAIL opened its account today positive node and touched 52-week high value of 229.70 in the afternoon trade. Overall, 2,980,416 shares were traded throughout the day with a current P/E ratio at 17.59. With 3,613,536 units of shares SBI Magnum Tax Gain Scheme holds the largest number of shares in SAIL SAIL is a steel making company in India. The company has five integrated steel plants and three alloy steel plants, which are its manufacturing units. Its product portfolio includes pig iron, crude steel and saleable steel. During the fiscal ended March 31, 2009, it produced 14.4 million tons of hot metal, 13.4 million tons of crude steel and 12.5 million tons of saleable steel. The products exported were primarily billets, wire rods, plates, hot rolled (HR) coils and cold rolled non grain-oriented (CRNO) Coils. Its plants include Bhilai Steel Plant, Durgapur Steel Plant, Rourkela Steel Plant, Bokaro Steel Plant, IISCO Steel Plant and Salem Steel Plant. In August 2009, Bharat Refractories merged with SAIL. Other steel companies have also performed well on BSE and ended the trading in green zone with Tata Steel, JSW Steel and Jindal Steel and Power reporting gain of 4.42, 2.42 and 2.19 percent respectively. Out of 30 stock analysts following SAIL, consensus recommendation is hold, while seven recommended to buy and six advised to sell the stock.