SAIL down 2% on weak Q2 numbers

Shares of SAIL today fell nearly 2% in morning trade on bourses after the country's largest steel-maker reported a standalone net loss of Rs 730.72 crore for the September quarter.

SAIL reported a decline in standalone net loss at Rs 730.72 crore for the quarter ended September 30, on Thursday, helped by a strong marketing push and cost optimisation measures. The state-run firm had posted a net loss of Rs 1,108.55 crore in the year-ago period.

Reacting to the numbers, shares of the company opened at Rs 53.45, then slumped 1.68% to an early low of Rs 52.55 on the BSE.

On the NSE, the stock opened at Rs 53.05, then tanked 1.96% to an early low of Rs 52.50. The decline in the counter assumes significance as the
broader market was trading in the positive territory.

Total standalone income of the Maharatna firm rose by 21% to Rs 12,577.90 crore in July-September quarter this fiscal from Rs 10,378.91 crore during the same quarter in 2015-16.

Its total expenses were higher at Rs 13,132.04 crore during the period under review, compared to Rs 11,836.11 crore in the corresponding period last year.