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Indian-Commodity  :  Equity & Shares  :  SAIL gains on getting nod for proposal to sign non-binding term sheet with ArcelorMittal

SAIL gains on getting nod for proposal to sign non-binding term sheet with ArcelorMittal (13-Dec-2017)

Steel Authority of India (SAIL) is currently trading at Rs. 80.40, up by 0.25 points or 0.31% from its previous closing of Rs. 80.15 on the BSE.

The scrip opened at Rs. 80.10 and has touched a high and low of Rs. 81.30 and Rs. 79.10 respectively. So far 687779 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 87.95 on 06-Nov-2017 and a 52 week low of Rs. 47.20 on 27-Dec-2016.

Last one week high and low of the scrip stood at Rs. 82.70 and Rs. 76.00 respectively. The current market cap of the company is Rs. 32982.24 crore.

The promoters holding in the company stood at 75.00%, while institutions and non-institutions held 20.53% and 4.47% respectively.

SAIL has received its board's approval for proposal for signing a legally non-binding term sheet with ArcelorMittal S.A. for entering into a joint venture (JV) for automotive steel business. Definitive agreements in this regard will be finalized in due course subject to financial viability. The company's board gave approval for the same at its meeting held on December 12, 2017.

SAIL is India's largest steel producing company. The company is among the five Maharatnas of the country's Central Public Sector Enterprises. The company has five integrated steel plants, three special plants, and one subsidiary in different parts of the country.


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