SAIL share price gains on 50% jump in July sales

The company said its total sales grew by about 50 percent on year to 15.83 lakh tonnes during July 2020. The company had registered sale of 10.59 LT steel during the same month last year, it said.

Steel Authority of India Ltd (SAIL) share price jumped over 4 percent in the morning trade on August 5 after the steel maker reported robust sales growth in July 2020.

The company said its total sales grew by about 50 percent year-on-year to 15.83 lakh tonnes during July 2020. The company had registered sale of 10.59 LT steel during the same month last year, Steel Authority of India Ltd (SAIL) said in a statement.

The stock price has gained over 24 percent in the last three months and was trading at Rs 35.95, up Rs 1.40, or 4.05 percent at 09:40 hours. It touched an intraday high of Rs 36.10 and an intraday low of Rs 35.10.

The stock was one of the most active stocks on NSE in terms of volumes with 99,41,868 shares being traded.

The company sold 12.73 LT steel in the domestic market and exported 3.10 LT steel in July, a growth of 29 percent and 349 percent, respectively, over the year-ago month.

"SAIL is working hard to improve the overall performance. The efforts being put in have started showing in these record sales numbers, reduced inventory, improved collections and reduced borrowings," the company's chairman Anil Kumar Chaudhary said. "SAIL is focused on reducing on its borrowings further towards meeting the expectation of all our stakeholders," he added.

According to Moneycontrol SWOT Analysis powered by Trendlyne, the company has strong cash-generating ability from core business - improving cash flow from operation for the last two years. It has zero promoter pledge as well.

Source - Moneycontrol.com

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