Steel Authority of India swings to profit in Dec quarter

Steel Authority of India Ltd posted a profit for the three months ended December on Thursday, snapping ten straight quarters of losses.

Net profit was Rs43.16 crore ($6.72 million), compared with a loss of Rs795 crore in the year-ago period, the company said in a statement.

Quarterly revenue from operations rose 21.4 per cent to Rs15,324 crore.

A meeting of the board of directors of Steel Authority of India Ltd (SAIL) held in New Delhi today considered and approved the unaudited financial results of the company for the quarter/nine months ended 31 December 2018.

In view of the board meeting, the trading window of the company remains closed from 1 February 2018 to 10 February 2018 (both days inclusive).

The SAIL stock was last trading in BSE at Rs92.35 compared to the previous close of Rs93.3. The total number of shares traded during the day was 688,720 in over 1,441 trades.

The stock hit an intraday high of Rs93.3 and intraday low of Rs91.6. The net turnover during the day was Rs63,456,864.