SAIL

mjunction conducts e-auction of commercial papers worth Rs. 700-crore for SAIL

Steel Authority of India Limited

New Delhi [India], Jan. 21 : mjunction services limited, a B2B e-commerce company, successfully conducted on Friday an e-auction for commercial papers (CPs) worth Rs. 700 crore for Steel Authority of India Limited (SAIL).

This was a significant step for SAIL towards adopting a business practice that is completely technology-driven, and thus a step forward in the government's Digital India programme.

SAIL said, "For SAIL, this e-auction conducted by mjunction of commercial papers has led to better price discovery. The process was structured, less time consuming, has a scope for greater participation and above all transparent."

SAIL offer for sale subscribed more than two-times, govt gets Rs 1,715 crore

New Delhi - Government's disinvestment drive got a tremendous start Friday, with steel major SAIL's share sale being subscribed more than two times fetching the exchequer Rs 1,715 crore.

The first disinvestment offering this fiscal saw retail investors lapping up SAIL shares taking the overall subscription to 2.08 times (42.93 crore shares) of the 20.65 crore shares on offer.

Government's stake in SAIL will come down to 75 percent pursuant to this public issue, helping the company to meet Sebi's listing norms.

Government has set a target of Rs 43,425 crore through selling stakes in various PSU firms during the current fiscal.

Govt to sell 5% stake in SAIL on Friday; floor price fixed at Rs 83

New Delhi - Government's five per cent stake in steel giant SAIL will be sold at a floor price of Rs 83 per share on Friday, which can raise Rs 1,500-1,700 crore for the exchequer in the first disinvestment under the new regime.

"Government expects to garner Rs 1,500 crore to Rs 1,700 crore from SAIL disinvestment. Floor price will be Rs 83 and retail investors will get a discount of 5 per cent," an official said after a meeting on SAIL disinvestment in the Finance Ministry.

The SAIL offering would be the first PSU share sale under the new government, which targets to raise Rs 43,425 crore through share sales in various state-owned firms during the ongoing fiscal.

Steel Ministry to appoint consultant for boosting SAIL's performance

SAILNew Delhi: Worried over declining profit in SAIL, the Steel Ministry has decided to appoint a globally-renowned consultancy agency to carry out a "diagnostic study" for enhancing the maharatna's performance.

The ministry will float a tender soon inviting expression of interest (EoI) from international firms to also look at ways operations of the country's largest steel maker can be improved and future expansion can be executed in time and without cost overruns.

S&P downgrades SAIL credit rating, withdraws rating on request

S&P downgrades SAIL credit rating, withdraws rating on requestMumbai: Global rating agency Standard & Poor's (S&P) on Thursday lowered the long-term corporate credit rating of state-run SAIL to 'BB+' from 'BBB-' and then withdrew the rating on the company's request.

The downgrade of the Navratna PSU reflects slower-than -expected progress in leverage reduction, S&P said in a release.

SAIL may invest Rs 1.5 lakh cr for raising capacity

SAIL-IndiaNew Delhi: SAIL is likely to invest around Rs 1.5 lakh crore to raise its hot metal making capacity to 50 million tonnes per annum (mtpa) from 23 mtpa, planned under ongoing modernisation and expansion by 2025, the Parliament was informed on Wednesday.

"Steel Authority of India Ltd has prepared a draft plan (Vision-2025) to increase its hot metal production to approx. 50 million tonnes by 2025 (in a phased manner), mainly through brown-field expansion," Steel Minister Narendra Singh Tomar today said in Rajya Sabha.

SAIL,RINL spend Rs 7,000 cr for plants' maintenance in 3 years

sailNew Delhi: State-owned SAIL and RINL together incurred average expenditure of more than Rs 7,000 crore towards maintenance of different plants in the last three financial years, the government said today.

Replying to queries on accidents at steel plants, the government told the Lok Sabha that all measures are being taken to prevent fatal incidents.

Accidents at steel plants are a "matter of concern" and the government is taking all measures to ensure security of people there, Steel Minister Narendra Singh Tomar said.

SAIL registers 11% growth in May sales

SAIL registers 11% growth in May salesNew Delhi: State-run steel maker SAIL registered a growth rate of 11 percent in sales at 1.06 million tonnes (MT) in May this year.

The steel giant had registered sales at 0.96 MT in the same month last year.

"Rise in exports was to the tune of 76 percent on a y-o-y basis during the month. Production at SAIL plants kept pace with hot metal production of 1.26 MT achieved in May, registering a y-o-y growth of 4 percent," SAIL said in a statement.

SAIL advised to widen its international presence

SAIL advised to widen its international presenceThe government wants Steel Authority of India Limited (SAIL) to further extend its reach in the international market presence by offering more value-added steel products in emerging economies.

The piece of advice was given by Steel Secretary G.  Mohan Kumar yesterday, during a review of the performance of the state-run steel producer at its central marketing organisation (CMO) headquarters in Kolkata.

Mr.  Kumar said that the steel giant should "further widen its international presence and reach value-added steels to newly emerging markets" across the globe.

SAIL Q2 profit up 117 percent

Steel-Authority-of-IndiaNew Delhi, Nov 11 : Steel Authority of India (SAIL), Monday reported a 117 percent rise in net profit to Rs. 1,180.39 crore (Rs. 11.8 billion) for the quarter ended September 30, due primarily to an exceptional gain of Rs. 1,056 crore for damages from foreign suppliers of coking coal.

The state-run steel maker had reported net profit of Rs. 543.11 crore (Rs. 5.43 billion) in the corresponding quarter of the previous fiscal 2012-13.

SAIL chairman hopeful about ICVL buying coal assets abroad

SAIL chairman hopeful about ICVL buying coal assets abroadKolkata, June 8 : International Coal Ventures Ltd(ICVL), a consortium of leading steel and mining PSUs, has shortlisted four to five coking coal assets abroad for acquisition and could strike deals soon.

"At least four to five good assets have been shortlisted. Countries are Australia, US and Mozambique," SAIL chairman C S Verma, who also heads ICVL, said here Saturday.

Invest in SAIL with two-year perspective: expert suggests

Invest in SAIL with two-year perspective: expert suggestsSteel Authority of India Ltd (SAIL) has suffered a decline of nearly 35 per cent in its market capitalization since the start of this year, but the decline has made the government's offer-for-sale (OFS) initiative attractive.

The government is offloading its 5 per cent stake in the steel producer at Rs 63 a share, with an intention to pocket more than Rs 1,500 crore. The offer is attractive at that price as the price to earnings ratio works out to nearly eight times of the company's estimated earnings in the financial year 2014.

SAIL FPO expected to hit the market soon

SAIL FPO expected to hit the market soonThere are indications that a Follow-on Public Offer (FPO) of the Steel Authority of India Limited (SAIL) will be launched in the market this financial year as steel ministry and the department of disinvestment (DoD) seem to have resolved their differences over the matter.

SAIL chairman CS Verma has expressed that the steel ministry and the DoD has reached an agreement on various matters including the valuation of SAIL and the timing of the FPO and thus the FPO, which will be through the offer-for-sale route, will be launched soon.

PM directs officials to address PSU concerns

PM directs officials to address PSU concernsIndian Prime Minister Manmohan Singh has directed central government officials to take steps to address concerns expressed by public sector companies in implementing their plans.

SAIL shareholders approve buy-back plan

SAIL shareholders approve buy-back planThe shareholders of State-owned Steel Authority of India Ltd (SAIL) have approved a company's plans to buy-back its own shares.

SAIL Chairman C S Verma did not announce a time frame for the buy-back while he was speaking to the media after the company's annual general meeting. He said that the company has only received the enabling approval and buy-plan will dependent on other factors including market conditions.

CCEA gives go-ahead for 10.82 per cent disinvestment in SAIL

CCEA gives go-ahead for 10.82 per cent disinvestment in SAILThe Cabinet Committee on Economic Affairs has approved plans for 10.82 per cent disinvestment in Steel Authority of India (SAIL).

India’s union cabinet ministers considered the proposal for disinvestment and give an approval on Friday. The disinvestment will help raise money to fund the government’s social sector schemes. The proposed sale of stake might allow the government tor raise as much as Rs 4,000 crore at current market prices.

CCEA to access possibility of 10% divestment in SAIL

CCEA to access possibility of 10% divestment in SAILThe Cabinet Committee on Economic Affairs (CCEA) of the government of India will look into the possibility of divesting 10 per cent Steel Authority of India (SAIL) today.

India's union cabinet ministers are expected to consider a proposal to sell a 10.82% stake in Steel Authority of India (SAIL) in order to raise money to fund the government's social sector schemes. The proposed sale of stake might allow the government tor raise as much as Rs 4,000 crore at current market prices.

SAIL sings a MoU with Mongolia

SAIL sings a MoU with MangoliaIndia’s steel major, Steel Authority of India Limited (SAIL) said on Friday that it has signed a memorandum of understanding (MoU) with the authorities in Mangolia allocation of coking coal mines, setting up mineral processing units for iron ore and coal as well as the establishment of steel producing units in the country.

“The MoU envisages exploration of opportunities for investments to be made by SAIL either individually or in consortium with other entities to develop mineral processing/steel manufacturing facility in Mongolia,” SAIL said in a statement.

SAIL not keen on proposed facility in Himachal

SAIL not keen on proposed facility in HimachalShimla, March 27 - Public sector Steel Authority of India (SAIL) is not keen on setting up a plant in Himachal Pradesh despite the state government extending facilities, Industries Minister Kishan Kapoor said here Tuesday.

The state had identified two alternate sites in Mandi district and written to SAIL twice last year, inviting it for spot inspections for the proposed steel processing plant, Kapoor said.

SAIL posts lower than expected results in third quarter

SAIL posts lower than expected results in third quarterIndia's largest steel producer, Steel Authority of India Ltd has posted a lower than expected results in the third quarter of 2011.

The company's net profit fell 43 per cent in quarterly profit in the quarter mainly due to rising coal costs and foreign exchange looses. The profit fell to the level of Rs 632 crore in the quarter.

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