Steel Authority of India rose 1% to Rs 85.60 at 14:21 IST on BSE as the company's core operating profit margin surged to 14.05% in Q1 June 2012 from 12.16% in Q1 June 2011.
Meanwhile, the BSE Sensex was up 232.71 points or 1.35% to 17,430.64.
The stock rose on high volumes. On BSE, 9.32 lakh shares were traded in the counter as against average daily volume of 4.57 lakh shares in the past one quarter.
The stock hit a high of Rs 87.25 and a low of Rs 84.75 so far during the day. The stock had hit a 52-week high of Rs 123 on 8 September 2011. The stock had hit a 52-week low of Rs 73 on 19 December 2011.
The stock had underperformed the market over the past one month till 3 August 2012, tumbling 8.48% compared with the Sensex's 1.31% fall. The scrip had also underperformed the market in past one quarter, sliding 11.16% as against Sensex's 0.27% rise.
The large-cap state-run steel maker has an equity capital of Rs 4130.53 crore. Face value per share is Rs 10.
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Steel Authority of India's (Sail) net profit fell 17.9% to Rs 696.41 crore on 3.08% decline in total income to Rs 11055.95 crore in Q1 June 2012 over Q1 June 2011. The fall in net profit was mainly due sharply higher foreign exchange loss of Rs 256.94 crore in Q1 June 2012 compared with foreign exchange loss of Rs 11.66 crore in Q1 June 2011. The company announced the first quarter results during trading hours today, 6 August 2012.
Sail is a fully integrated steel maker, producing both basic and special steels for domestic construction, engineering, power, railway, automotive and defence industries and for sale in export markets. The Government of India (GoI) holds 85.82% stake in Sail (as per the shareholding pattern as on 30 June 2012).
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