As expected and mentioned in my earlier letters, regarding the buoyancy in the steel sector returning, SAIL came up with a wonderful set of numnbers for Q1 FY-06-07. Following is the analysis of the results.....
Q1 results puts winds on the SAIL, proposes to start a JV Cement Company:
Steel major Steel Authority of India gained 2.4%, to Rs 71.45 after it reported 23% growth in Q1 June 2006 net profit.
As many as 48.3 lakh shares changed hands in the counter on BSE.
The scrip had witnessed a solid surge from mid-June 2006 to early July 2006, moving to Rs 84.40 by 5 July from a low of Rs 63.70 on 14 June. But the rally fizzled out later when the scrip slipped to a low of Rs 66 on 24 July. From that low, the stock has recovered a bit to Rs 69.75 by 27 July.
Steel Authority of India (Sail) reported 23% growth in Q1 FY-06-07, net profit to Rs 1,386.41 crore (Rs 1126.48 crore). Total income (net of excise) surged to Rs 7,567.70 crore (Rs 5772.75 crore). The company said sales during the quarter was boosted by sales of Rs 558.17 crore pertaining to earlier periods consequent to the effect of price escalations finalised with a major customer.
At the onset of this month, Sail reported its highest-ever quarterly production of saleable steel at 3.1 million tonnes during April-June 2006, marking an 8% growth over the corresponding period last year.
Sail has charted out capex plans of Rs 37,000 crore for scaling up its capacity to 22 million tonnes per annum (mtpa) from the current level of 14 mtpa over the next five years.
Sail is increasingly looking at reducing the share of semi-finished products and increase the share of value-added products.
Recently, Sail identified Jaiprakash Associates as the strategic partner for setting up a 2 million tonne slag-based cement unit at its Bhilai Steel Plant. The proposed cement plant will be set up by a joint venture company in which, Sail will hold 26% stake while the rest will be held by Jaiprakash. The foray into the cement sector through the joint venture route is a win-win situation for Sail, as it will open a new revenue channel for the company, while being able to beneficially use the slag produced at its various steel plants. [with inputs from Internet]
Best wishes,
Suman Mukherjee
India.
http://finance.groups.yahoo.com/group/SumanSpeaks/
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