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  1. SAIL share price rises over 3% on revised outlook, tax impositions on China steel

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SAIL share price rises over 3% on revised outlook, tax impositions on China steel

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2 min read | Updated on February 13, 2025, 15:30 IST

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SUMMARY

During the intraday trade, shares of SAIL were trading at ₹109.25 apiece on BSE, rising 3.26%. The company had touched its 52-week low of ₹99.20 on February 12, 2025

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SAIL reported over a 66% decline in consolidated net profit to ₹141.89 crore for the December quarter.

SAIL reported over a 66% decline in consolidated net profit to ₹141.89 crore for the December quarter.

Shares of Steel Authority of India (SAIL) surged as much as 5% on Thursday, February 13 amid reports of India imposing a temporary tax of 15-25% on steel from China. The stock also reacted to rating firms' upgraded outlook for the company.
In an interview with Reuters, Steel Minister H.D. Kumaraswamy said India could impose the tax as soon as six months because of the "serious challenge" to domestic producers from cheap imports.
"Rising Chinese steel imports, often aided by unfair trade practices, pose a serious challenge to Indian manufacturers. The government is resolute in its commitment to protecting the Indian steel industry," Kumaraswamy told Reuters in an interview.

During the intraday trade, shares of SAIL were trading at ₹109.25 apiece on BSE, rising 3.26%. The company had touched its 52-week low of ₹99.20 on February 12, 2025.

India became a net importer of finished steel in the fiscal year ending March 2024, and shipments from China reached a record high between April and December.

SAIL’s December quarter

The company, which is one of the largest steel producers in India, reported over a 66% decline in consolidated net profit to ₹141.89 crore for the December quarter, on account of increased expenses. It posted a ₹422.92 crore profit for the year-ago period.

The company's total income, however, rose to ₹24,723.43 crore from ₹23,492.33 crore in the same quarter a year ago.

Expenses surged to ₹24,560.47 crore from ₹23,140.81 crore in the year-ago period.

SAIL had reported a 31% fall in consolidated net profit at ₹897.15 crore in the September quarter of 2024, dragged down by lower income.

It had posted a ₹1,305.59 crore net profit in the period ended September 2023.

The company's total income decreased to ₹24,842.18 crore in the latest September quarter from ₹29,858.19 crore in the second quarter of the preceding 2023-24 financial year.

Its expenses stood at ₹23,824.07 crore as against ₹27,768.60 crore in the year-ago quarter.

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