SAIL rises on plan to spend Rs 35,000 crore for setting up plants at Sindri

SAIL is currently trading at Rs. 79.55, up by 1.25 points or 1.60% from its previous closing of Rs. 78.30 on the BSE.

The scrip opened at Rs. 79.00 and has touched a high and low of Rs. 79.80 and Rs. 78.65 respectively. So far 1, 06,000 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 117.00 on 28-Oct-2011 and a 52 week low of Rs. 73.00 on 19-Dec-2011.

Last one week high and low of the scrip stood at Rs. 79.80 and Rs. 75.80 respectively. The current market cap of the company is Rs. 32,858 crore.

The promoters holding in the company stood at 85.82% while Institutions and Non-Institutions held 11.05% and 3.12% respectively.

Steel Authority of India (SAIL) will be spending Rs 35,000 crore for setting up of steel plant, power plant and urea plant at Sindri, Dhanbad in Jharkhand state. The company has got 6000 acre land at Sindri where these plants would come up in the next four years.

Out of Rs 35,000 crore the company will spend a total of Rs 25,000 crore on a new 5.6 million tonne steel plant while Rs 5,000 crore will be spent each on a 1000 MW power plant and 1.1 tonne urea plant. Upon commencement of these plants over 20,000 people will be directly and indirectly employed.

The company’s production rose by 7% in August 2012 and stood at 1.16 million tonnes (MT) compared to the corresponding period of last year.