Steel Authority of India (SAIL), the largest domestic steel maker, has hiked the prices for its products by up to Rs 500 per tonne for March, in order to align with the international prices. The company has taken this decision considering increase in input costs like coking coal. This was done on the assumption that the market conditions will improve and demand would increase.
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.
