Shares of the Steel Authority of India were back in green on Friday after falling around 2.65% on Thursday. The jump comes as the company’s board approved an interim dividend payment for FY23.
What Happened: The company’s board on Thursday approved an interim dividend of ₹1/share for the FY 2022-23. The record date for the dividend payment is March 24.
The company reported weak numbers in the December quarter as net profits crashed 64.5% year-over-year to ₹542.2 crore. The Public Service Undertaking’s total revenue also fell around 1% to ₹25,140 crore.
Most brokerages remained unimpressed by the numbers. BOB Capital Markets and ICICI Direct both have a ‘hold’ rating on the stock. ICICI Securities also maintained its ‘reduce’ rating on the stock with a target price of ₹77, after the company released its Q3 earnings report.
Axis Direct on the other hand upgraded the stock’s rating from ‘hold’ to ‘buy’ raising the target price from ₹78 to ₹93 – around a 10% upside from the stock’s last closing price of ₹85.34.
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Price Action: SAIL shares were up 0.83% to trade at ₹86.05 in the early hours of trading on Friday.
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