SAIL shares jump 7% today as metal stocks shine; here's what analysts say
SAIL share price: The stock surged 7.01 per cent in Thursday's trade to hit a high of Rs 132.10. In early trade, the stock emerged as the top gainer in the Nifty Metal pack, which was last seen trading 2.24 per cent higher today.
- Mar 21, 2024,
- Updated Mar 21, 2024 12:26 PM IST
Shares of Steel Authority of India Ltd (SAIL) surged 7.01 per cent in Thursday's trade to hit a high of Rs 132.10. In early trade, the stock emerged as the top gainer in the Nifty Metal pack, which was last seen trading 2.24 per cent higher today.
The state-run firm, in a recent conference call, said, "In Q2 (FY24), our EBITDA was Rs 4,043 crore and in Q3, it is Rs 2,390 crore. The major reason for difference is that in Q2, we have got this rail price revision of Rs 1,700 approximately. And, then there were certain improvement in NSR (net sales realization) also."
Analysts largely suggested that the counter looked attractive at current levels.
"The metal space is looking very attractive. Most of the counters are showing good amount of buying interest. And, SAIL has given a breakout in today's session. One can look to buy the stock with a stop loss of Rs 125. On the higher side, Rs 135-138 could be the possible targets in next couple of sessions," Rajesh Palviya, Head Technical Research at Axis Securities, told Business Today TV.
Traders can consider buying the stock around Rs 128 level for an upside target of Rs 140, said Ravi Singh, Senior Vice-President at Religare Broking. Keep stop loss placed at Rs 124, he added.
AR Ramachandran from Tips2trades said the stock has strong resistance at Rs 130.5. A daily close below support of Rs 117 could lead to Rs 108.4 in the near term, he stated.
As of December 2023, the government held a 65 per cent stake in the metal PSU.
Shares of Steel Authority of India Ltd (SAIL) surged 7.01 per cent in Thursday's trade to hit a high of Rs 132.10. In early trade, the stock emerged as the top gainer in the Nifty Metal pack, which was last seen trading 2.24 per cent higher today.
The state-run firm, in a recent conference call, said, "In Q2 (FY24), our EBITDA was Rs 4,043 crore and in Q3, it is Rs 2,390 crore. The major reason for difference is that in Q2, we have got this rail price revision of Rs 1,700 approximately. And, then there were certain improvement in NSR (net sales realization) also."
Analysts largely suggested that the counter looked attractive at current levels.
"The metal space is looking very attractive. Most of the counters are showing good amount of buying interest. And, SAIL has given a breakout in today's session. One can look to buy the stock with a stop loss of Rs 125. On the higher side, Rs 135-138 could be the possible targets in next couple of sessions," Rajesh Palviya, Head Technical Research at Axis Securities, told Business Today TV.
Traders can consider buying the stock around Rs 128 level for an upside target of Rs 140, said Ravi Singh, Senior Vice-President at Religare Broking. Keep stop loss placed at Rs 124, he added.
AR Ramachandran from Tips2trades said the stock has strong resistance at Rs 130.5. A daily close below support of Rs 117 could lead to Rs 108.4 in the near term, he stated.
As of December 2023, the government held a 65 per cent stake in the metal PSU.