10/02/2020

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SAIL slumps 5% amid report Govt could sell 5% stake by March 2020

Shares of state-owned Metal Authority of India Ltd (SAIL) slumped 4.8 for every cent to Rs forty six.3 on the BSE on Monday amid stories that the authorities could off-load 5 for every cent of its stake in the organization, as a result of an supply for sale, which could fetch about Rs 1,000 crore to the exchequer.

“We are looking at a 5 for every cent stake sale through supply for sale (OFS), but we will assess trader demand in the roadshows… Officials from the Department of Financial investment and Community Asset Administration (DIPAM) and metal ministry are scheduling roadshows in Singapore and Hong Kong,” news agency PTI documented, quoting an unnamed authorities formal. Read through REPORT Listed here

The Hong Kong roadshow, on the other hand, may well be named off because of to coronavirus outbreak, the report added.

In accordance to the sharehoding sample of the organization, as on December 31, 2019, authorities held seventy five for every cent stake though the relaxation was with public shareholders.

ALSO Read through: SAIL seeks authorization from Odisha, Jharkhand to auction 70 MT fines

The shift is currently being observed as the government’s previous endeavor at obtaining its revised divestment goal of Rs 65,000 crore for the current economic yr (FY2019-twenty). So considerably this fiscal, Rs 34,000 crore has been mopped up from CPSE stake sale though the remaining Rs 31,000 crore has to arrive in by March-conclude.

For the quarter ended December 2019, the iron and metal products’ organization posted a net income of Rs 616 crore, as versus a net income of Rs 43 crore in the course of the corresponding time period previous yr. It is turnover for the just lately concluded quarter improved by 3 for every cent o Rs 15,660 crore about the corresponding quarter of the preceding fiscalof Rs 15,one hundred ninety crore.

A short while ago, the organization appointed Anirban Dasgupta, the chief executive officer, as Director (Projects and Business enterprise Scheduling). Dasgupta replaced G.Vishwakarma, who ceased to be the director put up his superannuation on January 31, 2020.

At 9:fifty am, the stock was buying and selling 3.5 for every cent decreased at Rs forty six.ninety five apiece, as versus a .forty seven for every cent decrease in the S&P BSE Sensex. A total of 9.35 million shares have altered fingers on the counter on the NSE and BSE until the time of composing of this report.