SAIL shines bright

SAIL is doing well today morning, up over 2% at Rs.48.75, its current intra day high. Volumes remain low at around 2 lakh shares. Market cap of this PSU is a huge Rs.19,968 crore.

The stock is up after the company announced that despite the slowdown,  in August’13, the company has shown a 16% (YoY) growth in sales, selling 10.86 lakh tonnes of steel products as compared to 9.38 lakh tonnes in Q1FY13. Rise in sales was mainly on account of increase in flat product sales, which rose 26%. Long products saw a growth of 3%, retail sales at 53,800 tonnes, up 62% (MoM). Exports rose 36% (YoY) to 31,000 tonnes, giving the company advantage of depreciating rupee. For the five month duration of April-August '13, the cumulative steel sales stood at 47.8 lakh tonnes, a growth of 7% (YoY).