SAIL edges up on price increase hopes

DALAL STREET SPIKES

Steel major Steel Authority of India (SAIL) hit a new high of Rs 56.50 on BSE Wednesday in anticipation of hike in steel prices. The stock finally closed at Rs 56.10, up 2.47 per cent from its previous close.

According to media reports, the company plans to increase the prices of hot-rolled steel products by around Rs 500 to Rs 800 per tonne. Market sources suggested, the stock has been in the limelight of late as there is anticipation of another round of hike in steel prices.

The stock has witnessed sharp gains in the past few months. From a low of Rs 22.70 on June 24, 2004, it has more than doubled to Wednesday's close of Rs 56.50. The stock has emerged as one of the most briskly traded one on the bourses in the last one year or so.

The average daily volumes in the counter on BSE was a massive 94.5 lakh shares this year.