In order to reach its divestment target of Rs 30,000 crore by the current financial year, the government is eyeing to raise around Rs 3,500 crore via state-owned Steel Authority of India (SAIL’s) stake sale by March end, the government is planning to offload 10.82% of its stake in SAIL. At the Current Market Price (CMP) of Rs 78 per share, which could fetch the exchequer a sum of around Rs 3,400 crore.
Further, the Department of Disinvestment (DoD) is planning road-shows for the proposed SAIL disinvestment in Singapore, Hong Kong, US, UK and continental Europe by the end of February, so that stake sale could take place by March end. So far this fiscal, the government has raised Rs 21,500 crore through PSU stake sales, against the Budget target of Rs 30,000 crore.
The company reported 22.37% fall in its net profit at Rs 701.62 crore for the quarter as compared to Rs 903.76 crore for the same quarter in the previous year. Total income from operation of the company has decreased marginally by 0.55% at Rs 10670.12 crore for quarter under review as compared to Rs 10728.79 crore for the quarter ended December 31, 2011.
