Steel Authority of India Ltd Share Price – NSE  /  BSE

Steel, Small Cap

Steel Authority of India Ltd rose for a third straight session today. The stock is quoting at Rs 150.3, up 2.31% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is up around 1.78% on the day, quoting at 23226.9. The Sensex is at 76478.93, up 1.87%. Steel Authority of India Ltd has dropped around 6.27% in last one month.

Meanwhile, Nifty Metal index of which Steel Authority of India Ltd is a constituent, has dropped around 7.91% in last one month and is currently quoting at 9632.5, up 1.98% on the day. The volume in the stock stood at 182.03 lakh shares today, compared to the daily average of 348.69 lakh shares in last one month.

The benchmark June futures contract for the stock is quoting at Rs 150.8, up 2.13% on the day. Steel Authority of India Ltd is up 78.82% in last one year as compared to a 24.64% gain in NIFTY and a 61.89% gain in the Nifty Metal index.

The PE of the stock is 18.07 based on TTM earnings ending March 24.

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The key equity benchmarks ended sideways on Tuesday. The Nifty settled above 22,500 level after hitting the day's low of 22,404.55 in early trade. Metal, PSU bank and Media shares advanced while private bank, FMCG and financial services stocks declined

As per provisional closing data, the barometer index, the S&P BSE Sensex was, down 52.63 points or 0.07% to 73,953.31. The Nifty 50 added 27.05 points or 0.12% to 22,529.05.

In the broader market, The S&P BSE Mid-Cap index rose 0.34% and the S&P BSE Small-Cap index fell 0.18%.

The market breadth was weak. On the BSE, 1,619 shares rose and 2,316 shares fell. A total of 152 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rallied 6.26% to 21.81.

Buzzing Index:

The Nifty Metal index gained 3.88% to 9,981.15. The index surged 12.89% in eighth consecutive trading sessions.

Hindustan Zinc (up 19.62%), Vedanta (up 7.22%), Jindal Steel & Power (up 5.14%), Hindalco Industries (up 5.04%), Tata Steel (up 3.84%), JSW Steel (up 3.67%), Steel Authority of India (up 3.07%), APL Apollo Tubes (up 2.99%), Hindustan Copper (up 2.81%) and Adani Enterprises (up 1.89%) advanced.

On the other hand, Welspun Corp (down 2.97%), National Aluminium Company (down 0.43%) and Jindal Stainless (down 0.37%) edged lower.

Steel Authority of India (SAIL) added 2.57%. The company reported 3.6% fall in consolidated net profit to Rs 1,011.22 crore on 4.03% decrease in revenue from operations to Rs 27,957.99 crore in Q4 FY24 over Q4 FY23.

Stocks in Spotlight:

Oil & Natural Gas Corporation (ONGC) rose 0.33%.The state-owned oil & exploration company reported standalone net profit of Rs 9,869.37 crore in Q4 FY24, steeply higher than Rs 527.86 crore recorded in Q4 FY23.However, revenue from operations slipped 4.56% year on year to Rs 34,636.69 crore during the quarter.

Indian Railway Finance Corporation (IRFC) rallied 3.06% after the company's net profit jumped 33.62% to Rs ,1717.32 crore in Q4 FY24 as against Rs 1,285.24 crore posted in Q4 FY23. Total revenue from operations grew by 4.51% year on year (YoY) to Rs 6,473.12 crore in the quarter ended 31 March 2024.

Rainbow Children's Medicare declined 4.91% after the company reported 4.89% decrease in consolidated net profit to Rs 50.97 crore in Q4 FY24 as against Rs 53.59 crore in Q4 FY23. Revenue from operations increased 7.61% year on year (YoY) to Rs 341.10 crore in the quarter ended 31 March 2024.

Oil India added 2.25% after the petroleum business company reported 13.45% increase in standalone net profit to Rs 2,028.83 crore on 2.46% rise in revenue from operations to Rs 5,527.3 crore in Q4 FY24 over Q4 FY23.

Meanwhile, the board recommended issue of bonus shares in the ratio of one equity share for every two existing equity shares held (1:2). The board has fixed 2nd July 2024 as record date.

Rail Vikas Nigam (RVNL) surged 14.03% after the company reported 33.16% increase in consolidated net profit to Rs 478.40 crore in Q4 FY24 as compared with Rs 359.25 crore in Q4 FY23. Revenue from operations jumped 17.38% year on year (YoY) to Rs 6,714.01 crore in the fourth quarter of FY24.

Further, the company has bagged a work order from South Eastern Railway. The scope of the order is to design, supply, erect, testing and commissioning for upgradation of electric traction system from 1 x 25 KV to 2 x 25 KV traction system for Kharagpur(Excl.)- Bhadrak(Excl.) section of Kharagpur division of South Eastern Railway to meet 3000 MT loading Target. The time period for executing the project is 18 months and the cost of the project is Rs 148.26 crore.

Bharat Electronics (BEL) rallied 5.89% after the company reported 30.04% growth in consolidated net profit to Rs 1,797.11 crore in Q4 FY24 as against Rs 1,382.02 crore in Q4 FY23. Revenue from operations jumped 32.18% year on year (YoY) to Rs 8,564.08 crore in the quarter ended 31 March 2024.

Amber Enterprises shed 3.88% after the company reported 8.95% fall in consolidated net profit of Rs 94.67 crore in Q4 FY24 as compared with Rs 103.98 crore posted in Q4 FY23. Revenue from operations fell 6.57% year on year (YoY) to Rs 2,805.46 crore in the quarter ended 31 March 2024.

Rolex Rings surged 14.15%. the company’s consolidated net profit declined 49.1% to Rs 23.62 crore in Q4 FY24 as compared with Rs 46.41 crore in Q4 FY23. Revenue from operations rose 5.63% year on year (YoY) to Rs 316.34 crore in the fourth quarter of FY24.

Global Markets:

European and Asian stocks declined on Tuesday as investors weighed US central bank policy and the health of the global economy. Additionally, developments in the Middle East add a layer of uncertainty, potentially triggering a flight to safer assets.

Meanwhile, US stocks edged higher on Monday, with the Nasdaq Composite (^IXIC) reaching a record close, driven by Nvidia (NVDA) shares ahead of their earnings report this week. The S&P 500 rose slightly by 0.1%, while the Dow Jones Industrial Average dipped below 40,000, down 0.5% after Friday's record high.

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Profit before tax and exceptional items stood at Rs 1,830.91 crore in Q4 FY24, up 20.46% from Rs 1,519.93 crore in same quarter last year.

EBITDA stood at Rs 3,829 crore in March 2024 quarter, registering a growth of 12.58% as compared with Rs 3,401 crore posted in Q4 FY23. Sales volume de-grew to 4.56 million tonnes (MT) in the fourth quarter of FY24 as compared to 4.68 MT reported in the corresponding quarter previous year.

Crude steel production rose 1.41% to 5.02 MT during the period under review.

On full year basis, the company’s standalone net profit jumped 43.62% to Rs 2,733.11 crore in FY24 as against Rs 1,903.07 crore in FY23. Revenue from operations rose marginally to Rs 1,05,374.59 in FY24 over FY23.

The company said that it has achieved its best ever performance in production and sales for the financial year. The crude steel production and sales volume have registered a growth of 5.2% and 5.1% respectively during FY24 over CPLY.

Meanwhile, the board recommended a final dividend of Rs 1 per equity share for the financial year 2023-24.

Commenting on the results, chairman of SAIL said, “The Indian Steel Markets have remained quite robust showcasing continual growth in demand. SAIL has been taking various initiatives towards increasing volumes, adding value added products to its product basket and improving efficiency levels which is reflected in the improved physical performance year on year. The company will continue to work on improving its performance further to tap into the buoyancy in the growing Indian Steel Market”.

Steel Authority of India (SAIL) is the leading steel-making company in India. The company is a fully integrated iron and steel maker, producing both basic and special steels for domestic construction, engineering, power, railway, automotive and defence industries and for sale in export markets.

The scrip rose 2.16% to currently trade at Rs 172.80 on the BSE.

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Steel Authority of India Ltd rose for a third straight session today. The stock is quoting at Rs 174.15, up 2.96% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is up around 0.25% on the day, quoting at 22557.9. The Sensex is at 74083.23, up 0.1%. Steel Authority of India Ltd has added around 17.35% in last one month.

Meanwhile, Nifty Metal index of which Steel Authority of India Ltd is a constituent, has added around 11.4% in last one month and is currently quoting at 9608.8, up 3.54% on the day. The volume in the stock stood at 412.73 lakh shares today, compared to the daily average of 435.87 lakh shares in last one month.

The benchmark May futures contract for the stock is quoting at Rs 174.1, up 2.68% on the day. Steel Authority of India Ltd is up 112.25% in last one year as compared to a 23.17% gain in NIFTY and a 71.61% gain in the Nifty Metal index.

The PE of the stock is 22.92 based on TTM earnings ending December 23.

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