Steel Authority of India skids after LIC trims 2% stake

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Steel Authority of India (SAIL) declines 2.44% to Rs 125.90 after Life Insurance Corporation of India (LIC) sold 8,28,02,533 equity shares or 2.01% stake in the company. Post-transaction, Life Insurance Corporation of India (LIC) decreased its shareholding to 27,61,48,137 equity shares or 6.68% stake from 35,89,50,670 equity shares or 8.69% stake held in the state-run steel manufacturer. The deal was executed as market sale.

On a consolidated basis, Steel Authority of India (SAIL) reported a net profit of Rs 3,897.36 crore in Q1 FY22 as compared to a net loss of Rs 1,226.47 crore in Q1 FY21. Net sales surged 127.7% to Rs 20,643.02 crore in Q1 FY22 over Q1 FY21.

SAIL is one of the largest steel-making companies in India and one of the Maharatna’s of the country’s Central Public Sector Enterprises. It produces iron and steel at five integrated plants and three special steel plants, located principally in the eastern and central regions of India and situated close to domestic sources of raw materials. SAIL manufactures and sells a broad range of steel products. As of 30 June 2021, the Government of India held 65.08% stake in the company.Powered by Capital Market – Live News