Steel Authority of India (SAIL) rose 3.62% to Rs 35.80 after the steel major's sales volume grew about 50% to 15.83 lakh tonnes in July 2020 over July 2019.
The company sold 12.73 lakh tonnes in the domestic market while exporting 3.10 lakh tonnes of steel during July 2020, attaining a growth of 29% and 349%, respectively over the corresponding period last year (CPLY).
"During these challenging times of Coronavirus pandemic, the company has reoriented its efforts towards strategic marketing and customer-centric operations leading to improvement in its performance. The July showing comes immediately after the record June sales achieved during the last month.
The consequent improvement in cash collections despite lower prices compared to CPLY coupled with stringent financial measures, the company has been able to bring down its borrowings below psychological level of Rs 50000 crore," the company said in a statement.
SAIL is engaged in the manufacturing of flat products, such as hot rolled (HR) coils, HR plates, cold rolled (CR) coils, pipes and electric sheets, and long products, such as thermo mechanically treated (TMT) bars and wire rods.
The Government of India held 75% stake in the company as on 30 June 2020.
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