Buy Steel Authority of India (SAIL), target price Rs 93: ICICI Direct

ICICI Direct has buy call on Steel Authority of India (SAIL) with a target price of Rs 93. The current market price of Steel Authority of India (SAIL) is Rs 91.9. Time period given by analyst is Intra Day when Steel Authority of India (SAIL) price can reach defined target. ICICI Direct recommended to keep stop loss at Rs 90.5.

Steel Authority of India (SAIL), incorporated in the year 1973, is a Large Cap company (having a market cap of Rs 37753.00 Crore) operating in Metals - Ferrous sector.

Steel Authority of India (SAIL)key Products/Revenue Segments include Iron & Steel, Other Operating Revenue, Export Incentives, Service Charges for the year ending 31-Mar-2022.


Financials
For the quarter ended 31-03-2023, the company has reported a Consolidated Total Income of Rs 29416.39 Crore, up 17.01 % from last quarter Total Income of Rs 25140.16 Crore and down -5.64 % from last year same quarter Total Income of Rs 31175.25 Crore. Company has reported net profit after tax of Rs 885.17 Crore in latest quarter.

Investment Rationale
Price resuming uptrend after consolidating above recent breakout area signaling further upsides in coming sessions.

Promoter/FII Holdings
Promoters held 65.0 per cent stake in the company as of 31-Dec-2022, while FIIs owned 4.34 per cent, DIIs 10.67 per cent.