2, March, 2024
HomeBusinessSAIL Shares Witness Over 5% Dip Post Q3 Results - Analyzing the Impact and Share Price Target

SAIL Shares Witness Over 5% Dip Post Q3 Results – Analyzing the Impact and Share Price Target

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Steel Authority of India (SAIL), a prominent player in the Indian steel industry, faced a significant setback as its shares declined by over 5% during the early trading session on February 13, following the announcement of weak Q3 results. The Maharatna company reported a consolidated net profit fall of 22% to Rs 422.92 crore for the quarter ending December 2023, primarily attributed to lower income.

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As the market opened on Tuesday, SAIL shares experienced a 3.17% loss, initiating at Rs 119. The decline continued, reaching a day’s low of Rs 116.35, marking a 5.33% drop. The stock closed at Rs 122.90 in the previous trading session and was last seen trading at Rs 118.75. Notably, the stock has been on a downward trend for the past five days, with an overall fall of approximately 19.33%.

On the technical front, SAIL shares were trading above the 50-day, 100-day, and 200-day moving averages but below the 5-day and 20-day moving averages.

Morgan Stanley, maintaining an equalweight stance, set a target price of Rs 85 for SAIL shares, reflecting a cautious outlook.

In terms of financials, SAIL’s total income for Q3 FY24 decreased to Rs 23,492.33 crore from Rs 25,140.16 crore in the same period last year. Expenses stood at Rs 23,140.81 crore compared to Rs 24,825.11 crore in the third quarter of the previous fiscal year.

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In a move to provide some relief to shareholders, SAIL announced an interim dividend of Re 1 per equity share of Rs 10 each, equivalent to 10% of the paid-up equity share capital. The record date for dividend payment is set for February 20, 2024.

As SAIL navigates through challenging market conditions, investors are urged to carefully assess the implications of its Q3 performance and the outlook for the future.

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