Steel Authority of India Ltd: Buy above Rs.63
.png)
Steel Authority of India Ltd has fixed February 20, 2014 as the Record Date for the purpose of payment of Interim Dividend on Equity Shares for the Financial Year 2013-14, if declared by the Board. The company is coming up with results on 14th February, 2014.
Steel Authority of India Limited recently, commissioned two 853 tonnes-per-day air separation. The first unit went into commercial production in January, while the second one is expected to be operational before the first week of March, depending on the requirement of gas at Rourkela.
Moreover, Steel Authority of India Limited (SAIL), earlier said it had posted 10 per cent growth in sales during January this year at 1.14 million tonnes (MT) up by 10 per cent compared to same month last year. The cumulative sales growth by SAIL for the April 2013-January 2014 period was 8 per cent, as sales rose to 9.84 MT from 9.09 MT in the corresponding period last year backed by a surge of 47 per cent in its exports. Most products in SAIL basket registered a decent increase in sales but the sale of flat steel grew by a whopping 23.5 per cent. Cumulative sales growth for flat steel in the ten-month period was 10.6 per cent, an official statement said.
The upsurge in sales registered by the company has been a result of concerted efforts made by SAIL towards producing tailor-made steel to meet customer requirement. The plants and units of SAIL kept pace with this aggressive sales strategy, by increasing production of saleable steel by 4 per cent in 2013-14, at 10.74 MT.
Increasing input costs have forced steel companies, including JSW Steel, SAIL and Essar Steel, to raise prices Rs.500-1,200 a tonne for the second time this year, in February, 2014.
JSW Steel has increased prices up to Rs.1,200 a tonne, or up to two per cent, across the board. Essar Steel has increased prices Rs.1,000-2,000 a tonne and SAIL Rs.300-500 a tonne.
In January, 2014, hoping demand for steel to pick up in the New Year, domestic producers had raised its price by upto Rs.1,500 a tonne to offset rising input costs and higher freight charges.
Steel makers had previously hiked the price in September by up to Rs.2,500 per tonne, but held on to it, till January, 2014, despite the NMDC hiking iron ore price by Rs.100 a tonne and the Railways imposing peak session charge from October.
Buy the scrip above Rs.63, for a very short term target of Rs.69. Also, kindly keep a SL of Rs.57.
Steel Authority of India Limited recently, commissioned two 853 tonnes-per-day air separation. The first unit went into commercial production in January, while the second one is expected to be operational before the first week of March, depending on the requirement of gas at Rourkela.
Moreover, Steel Authority of India Limited (SAIL), earlier said it had posted 10 per cent growth in sales during January this year at 1.14 million tonnes (MT) up by 10 per cent compared to same month last year. The cumulative sales growth by SAIL for the April 2013-January 2014 period was 8 per cent, as sales rose to 9.84 MT from 9.09 MT in the corresponding period last year backed by a surge of 47 per cent in its exports. Most products in SAIL basket registered a decent increase in sales but the sale of flat steel grew by a whopping 23.5 per cent. Cumulative sales growth for flat steel in the ten-month period was 10.6 per cent, an official statement said.
The upsurge in sales registered by the company has been a result of concerted efforts made by SAIL towards producing tailor-made steel to meet customer requirement. The plants and units of SAIL kept pace with this aggressive sales strategy, by increasing production of saleable steel by 4 per cent in 2013-14, at 10.74 MT.
Increasing input costs have forced steel companies, including JSW Steel, SAIL and Essar Steel, to raise prices Rs.500-1,200 a tonne for the second time this year, in February, 2014.
JSW Steel has increased prices up to Rs.1,200 a tonne, or up to two per cent, across the board. Essar Steel has increased prices Rs.1,000-2,000 a tonne and SAIL Rs.300-500 a tonne.
In January, 2014, hoping demand for steel to pick up in the New Year, domestic producers had raised its price by upto Rs.1,500 a tonne to offset rising input costs and higher freight charges.
Steel makers had previously hiked the price in September by up to Rs.2,500 per tonne, but held on to it, till January, 2014, despite the NMDC hiking iron ore price by Rs.100 a tonne and the Railways imposing peak session charge from October.
Buy the scrip above Rs.63, for a very short term target of Rs.69. Also, kindly keep a SL of Rs.57.
