SAIL's stock rises as open market iron ore sale provides breather

SAIL has seen its market value nearly halve in the past five months; the stock hit its 15-year low last month

The Steel Authority of India (SAIL) stock received a major boost on Tuesday, jumping over 8 per cent in intra-day trade. This followed reports that the government has given its nod to the firm for selling a fourth of its iron ore produce from captive mines to third parties (open market).
 
The initial reaction isn’t surprising, given that the development comes at a time when domestic steel demand and realisations remain under pressure, thereby weighing on SAIL’s profitability and share price.
 
SAIL has seen its market value nearly halve in the past five months; the stock hit its