SAIL Stock Jumps 8% After December Sales Grow By 47%
"Despite challenging market conditions, SAIL has exhibited resilient performance consistently and will continue to do so in future also," said Chairman Anil Kumar Chaudhary.
Photo Credit : Reuters
The share price of Steel Authority of India Ltd (SAIL) jumped by 8.16 per cent on Thursday morning after the largest public sector steelmaker reported sales of 1.68 million tonnes in December, up by 47 per cent over the corresponding period of last year.
In November 2019, the company had posted 36 per cent jump in sales year-on-year. "Despite challenging market conditions, SAIL has exhibited resilient performance consistently and will continue to do so in future also," said Chairman Anil Kumar Chaudhary.
During the nine months of FY20 (April to December), the company produced 9.25 lakh tonnes of rails for the Indian Railways, said Chaudhury. The production of rails was 9.85 lakh tonnes during the previous financial year 2018-19.
"To cater to the growing demand of Indian Railways, SAIL is gearing up to enhance the production of rails substantially," said Chaudhury.
SAIL is striving to reduce the cost of production, enhance volumes, improve techno-economic parameters and process efficiency besides developing new products, he added.
At 12 noon, the stock was trading 8.16 pc higher at Rs 46.40 apiece on BSE Ltd.