On Thursday, Steel Authority of India Limited (SAIL) shares rose 2.69% to Rs 137.84 amid the announcement of its 52nd Annual General Meeting on September 26, 2024. The company reported a 61% drop in Q1 profit, posting Rs 81.78 crore due to weak domestic demand and falling prices.
SAIL
SAIL, NMDC are down up to 9% in 1 month; is it time to buy steel stocks?
Steel stocks have been reeling under severe pricing pressures, led by cheaper imports. Over the past one month, stock prices of steel companies have declined up to 9 per cent on the National Stock Exchange (NSE). Investors, however, may use the correction to enter the pack as pricing pressure may be bottoming out, believe analysts.
From JSW Steel To SAIL, Steel Stocks’ Stellar Run Disrupted By Supply Issues, Weak Demand
JSW Steel To SAIL: Steel stocks’ stellar run ended on diversion of oxygen to hospitals during the second wave of the pandemic and the onset of monsoon, a weak period of demand.