The Steel Authority of India (SAIL) is under pressure as the government is set to sell a 10 percent stake in the public sector undertaking (PSU) via an offer for sale (OFS) over today and tomorrow. The offer was priced at Rs 64 a share, a 14 percent discount to Wednesday’s close.
This is a buying opportunity and given the current scenario, it appears that there is a lot of bullish sentiment in the ferrous market for the next quarter.
The government has selected the most opportune time to sell 10 percent because the industry is going through a lot of tailwinds and SAIL has a lot of tailwinds.
CNBC-TV18’s Nigel D’Souza shares more details in the video