India’s largest steel maker shares jump over 5% to emerge as biggest midcap gainer today

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Updated: December 1, 2017 11:23:26 AM

Following a sharp spike of over 5% in the shares, the company's market capitalisation rose about Rs 1,815 crore to Rs 33,515.7 from 31,681.16 today.

The benchmark Sensex made a day’s high of 33,300.81. (Image: Wikimedia Commons)

Shares of India’s largest steel manufacturer SAIL (Steel Authority of India Limited) gained over 5% on Friday. The stock of SAIL advanced as much as 5.72% to the day’s high of Rs 81.25 on BSE. Amid the heavy trading volumes, as on 10.40 am, more than 1.18 crore shares exchanged hands on both BSE and NSE with about 1.4 crore shares on NSE alone. Following a sharp spike in the shares, the market capitalisation of SAIL rose about Rs 1,815 crore to Rs 33,515.7 from 31,681.16. The stock of SAIL is on a gaining streak since early October. SAIL shares have grown more than 50% in a two month period from 1 October to 1 December.

Meanwhile, Sensex and Nifty recoiled on Friday after falling heavily as India’s GDP growth bounced back from a 3-year low. BSE Sensex gained 98 points to open at 33,247.66 while NSE Nifty added 37.15 points to begin at 10,263.7. The heavyweight automobile stocks of Tata Motors, Maruti Suzuki were among the top five gainers on Sensex as auto companies are scheduled to announce the vehicle sales for the month of November. On the other hand, the stock of Bharti Airtel lost the most among the Sensex stocks, down 1.2%. Among the sectoral indices of NSE, except Nifty Metal, all were trading in green led by Nifty Media and Nifty Auto.

Earlier yesterday, in a major boost for Narendra Modi’s Gujarat state election campaign, India’s GDP growth sharply rebound to 6.3% in fiscal second quarter July-September from a three-year low in the first quarter, as businesses sprung into economic activity ahead of a condensed festive season and accelerated production to build inventory after the implementation of GST. The benchmark Sensex made a day’s high of 33,300.81 today.

India’s GDP growth in the second quarter (Jul-Sep) accelerated to 6.3% from 5.7% in Apr-Jun and 6.1% in Jan-Mar, Central Statistics Office data showed. However, the pace of growth in Jul-Sep was still way below 7.3% recorded in the corresponding quarter a year ago. A sharp bounce in manufacturing growth rate at 7% in July-September from 1.2% in the preceding quarter was among the primary drivers behind the second quarter GDP growth acceleration. On the other hand, farm growth slowed in the second quarter to 1.7% from 2.3% in the preceding three-month period. Agricultural production in the second quarter was held up due to poor crop output, India’s Chief Statistician TCA Anant said.

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