Shares of Steel Authority of India (SAIL) closed nearly 4% higher today after shareholding data show ace investor Rakesh Jhunjhunwala raised his stake in the PSU stock for the quarter ended September. The news of big bull adding the stock to his portfolio pushed it in the green after 5 days of consecutive fall.
SAIL stock closed 3.72% higher at Rs 119.85 on BSE.
Earlier, the large cap stock touched an intraday high of Rs 120.75, rising 4.5% against previous close of Rs 115.55.
SAIL shares stand higher than 20-day, 50-day and 200-day moving averages but lower than 5-day and 100-day moving averages. The stock has gained 241% in one year and risen 62% since the beginning of this year.
In a month, the stock has climbed 11%.
Total 40.36 lakh shares changed hands amounting to Rs 47.61 crore on BSE.
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Market cap of the firm rose to Rs 49,499 crore on BSE.
The stock hit 52-week high of Rs 120.75 on May 10,2021 and 52 week low of Rs 33.15 on October 29, 2020.
Jhunjhunwala had added the metal stock to his portfolio in the quarter ended June 2021.
Jhunjhunwala held 7,25,00,000 shares or 1.76% stake as of September 2021 against 1.39% stake during the April-June period. He did not hold any stake in the March quarter.
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SAIL is the leading steel-making company in India. The company is a fully integrated iron and steel maker producing both basic and special steels for domestic construction engineering power railway automotive and defence industries and for sale in export markets.
The firm is yet to announce its Q2 earnings. For the quarter ended June, SAIL returned to the black, by posting a consolidated net profit of Rs 3,897.36 crore against loss of Rs 1,226.47-crore net loss in the year-ago quarter.
Net income in Q1 more than doubled to Rs 20,754.75 crore compared with Rs 9,346.21 crore in the year-ago period. Total expenses stood at Rs 15,604.07 crore against Rs 11,325.10 crore a year ago.
