SAIL gains 4% post JV plan with ArcelorMittal for 1.5 mt steel plant
Shares of Steel Authority of India (SAIL) rose nearly 4 percent intraday Tuesday as the company is going to sign joint venture with ArcelorMittal.
Steel Minister said that SAIL is going to sign joint venture with ArcelorMittal for 1.5 mt steel plant.
The said joint venture will produce auto-grade steel.
The company has reported net loss at Rs 539.1 crore in the quarter ended September 2017 against loss of Rs 731.6 crore in a year ago period.
Revenue has increased by 21.3 percent at Rs 13,617 crore against Rs 11,225 crore.
At 15:23 hrs Steel Authority of India was quoting at Rs 82.75, up Rs 1.30, or 1.60 percent on the BSE.
The share touched its 52-week high Rs 87.95 and 52-week low Rs 47.15 on 06 November, 2017 and 22 November, 2016, respectively.
Currently, it is trading 5.69 percent below its 52-week high and 75.93 percent above its 52-week low.
Posted by Rakesh Patil