SAIL rallies on buzz of over Rs 10,000-cr capex plans

BSE 23 May 12 | 12:00 AM

90.80		-1.1 (-1.2%)
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Code: 500113

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NSE 23 May 12 | 12:00 AM

90.60		-1.3 (-1.41%)
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Code: SAIL

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1 Week	:	Rs	84.60	(7.33%)
1 Month	:	Rs	96.70	(-6.10%)
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SAIL rallies on buzz of over Rs 10,000-cr capex plans

SI Reporter / Mumbai 27 Jan 12 | 02:33 PM

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Steel Authority of India (SAIL) has rallied 9.3% to Rs 107.40, its largest single day gain since May 2009, on reports that the state-owned company will spend about Rs 14,500 crore on capital expenditure in the next fiscal year.

“The company's annual production capacity is expected to rise to 19 million tonnes by the end of the fiscal year that starts in April," Reuters report suggests quoting company’s chairman C.S. Verma at the Global Steel 2012 Conference today.

Meanwhile, the company raised prices by 15-20% after coking coal prices trebled in the current fiscal year, and will revise steel prices once coking coal prices stabilises, the report added.

A total 9.18 million shares have changed hands on the counter so far on the NSE and BSE.