Steel Authority of India rose 3.92% to Rs 87.55 at 14:22 IST on BSE on buzz that the company is planning to increase its Rourkela steel plant's installed capacity of producing hot metal to 10 million tonnes per annum from the present level.
Meanwhile, the S&P BSE Sensex was up 106.66 points or 0.38% at 28,444.71.
On BSE, so far 3.31 lakh shares were traded in the counter as against average daily volume of 5.96 lakh shares in the past one quarter.
The stock hit a high of Rs 87.60 and a low of Rs 83.85 so far during the day. The stock had hit a 52-week high of Rs 112.90 on 9 June 2014. The stock had hit a 52-week low of Rs 54.05 on 26 February 2014.
The stock had underperformed the market over the past one month till 25 November 2014, gaining 1.08% compared with the Sensex's 5.54% rise. The scrip had also underperformed the market in past one quarter, advancing 3.56% as against Sensex's 7.19% rise.
The large-cap PSU steel maker has equity capital of Rs 4130.53 crore. Face value per share is Rs 10.
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According to reports, Steel Authority of India (SAIL) is in the process of finalising plan to increase the production capacity to 50 MTPA by 2025.
SAIL's net profit declined 45% to Rs 649.49 crore on 1.4% growth in net sales to Rs 11565.59 crore in Q2 September 2014 over Q2 September 2013.
The Government of India holds 80% stake in SAIL (as per the shareholding pattern as on 30 September 2014).
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