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SAIL best performer on Nifty200; stock jumps 13% post robust Q2 results

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Shares of Steel Authority of India Ltd (SAIL) jumped over 13 percent on Monday as the company's robust quarterly numbers boosted sentiment for the stock. The stock was the top gainer on Nifty200 index.

SAIL best performer on Nifty200; stock jumps 13% post robust Q2 results
Shares of Steel Authority of India Ltd (SAIL) jumped over 13 percent on Monday after the company's robust quarterly numbers boosted sentiment for the stock. The stock was the top gainer on the Nifty200 index.
At 11:10 am, shares of SAIL were trading 12 percent higher at Rs 128.75. The stock has gained after three days of consecutive fall. It opened with a gap up of 7.3 percent today.
In the past month, the stock has gained 12 percent whereas the Nifty Metal index was up merely 1 percent. And in the last year, the scrip has shot up 275 percent as compared to a 144 percent jump in the sectoral gauge.
The company reported a consolidated net profit of over Rs 5,794 crore in Q2FY22, higher than the CNBC-TV18 Poll estimate of Rs 4,920 crore. In the corresponding quarter last year, the company had reported a net profit of Rs 660.2 crore.
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Revenue was at Rs 26,828 crore as compared to Rs 16,925.5 crore in the year-ago period. CNBC-TV18 Poll had an estimated revenue of Rs 25,762.9 crore.
SAIL's revenue from all steel plants improved YoY which supported the overall revenue growth in the reporting quarter.
The steelmaker's margin expanded to 26.2 percent in Q2 FY22 from 11.2 percent posted a year ago.
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The company said it reported its best-ever quarterly earnings before interest, tax, depreciation and amortisation (EBITDA), profit before tax and profit after tax.
JP Morgan has upgraded its rating on SAIL shares to 'overweight' and also hiked its target price to Rs 165 from Rs 150, and Kotak Institutional Equities that has a 'buy' call expects the company to benefit from stronger volumes in the second half.
 
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