The Steel Authority of India (SAIL) reported a drop in its first-quarter profit on Thursday. This was due to weak domestic demand, as prices continued to fall and the government cut spending because of the elections.
The state-owned company made 817.8 million rupees (roughly $10 million) less money in the most recent quarter, a decrease of over 61%.u
It made 1.5% less money, or 239.98 billion rupees.
During the quarter, there wasn’t much demand for steel in the United States because the government was spending less on infrastructure and industry because of the elections. India brought in cheaper finished steel, which put pressure on steel costs as well.
Analysts still see India as a “bright spot” even though demand around the world is weak.
Last month, cheaper prices for coking coal, a key raw material used to make steel, helped competitors like Tata Steel make more money.
Buy 24 0.97 0.20 *On a scale from “strong buy” to “strong sell,” the mean of the experts’ ratings is shown. The ratio between the stock’s last close price and the average price goal set by analysts. If the ratio is above 1, it means the stock is trading above the PT.
Stock Performance from April to June: All information from LSEG Indian rupees is worth $1.
U.S. stocks finished lower on Wednesday, with technology stocks going down. Investors were nervous because demand for 10-year Treasury notes was low, which made the market even worse
Comment Template