Long Term Buy Call For SAIL

Long Term Buy Call For SAILTechnical analyst Rajesh Agarwal of Eastern Financiers Ltd has maintained 'buy' rating on Steel Authority of India Limited stock.

The analyst said that the investors can buy the stock on dips of 5%.

The analyst added that the investors can hold the stock for a period of 6 to 12 months

The stock of the company, on January 11, closed at Rs 175.55 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 258.55 and a low of Rs 170.70 on BSE.

Current EPS & P/E ratio stood at 14.59 and 11.97 respectively.

As per reports, Steel Authority of India Ltd is looking for bids for supplying 600,000 tonnes of coking coal for its steel divisions.

In a declaration, the company said that the fuel must be supplied between February and September and the least bid size is one vessel of 75,000 tonnes.

The bid, which permits for 10% supply suppleness, ends on January 25.

Besides, the company is making discussions with Japanese firms for technology to establish a cold rolled grain-oriented (CRGO) steel making plant.

CRGO steel is primarily utilized in the manufacture of transformers.

A group of SAIL and Rashtriya Ispat Nigam (RINL) plans to place a 2.5-lakh tonne green field plant with an projected investment between Rs 3,000 to 3,500 crore.

Bharat Heavy Electricals Ltd (BHEL) also showed interest in buying a 26% equity stake in the JV.