SAILís net loss declines to Rs 730 cr

Standalone income of SAIL increases by 21 per cent to Rs 12,577.90 cr in July-Sept quarter this fiscal from Rs 10,378.91 cr during the same quarter last fiscal

GN BUREAU | December 9, 2016


#standalone   #coal prices   #psu   #SAIL  

Country’s largest steelmaker-- Steel Authority of India Limited (SAIL) on Thursday claimed of registering slump in standalone net loss at Rs 730.72 crore for the quarter ended September 30, helped by a strong marketing push and cost optimisation measures, reported Press Trust of India (PTI).


The agency reported that the SAIL had posted a net loss of Rs 1,108.55 crore in the year-ago period.
 
Total standalone income of the Maharatna firm rose by 21 per cent to Rs 12,577.90 crore in July-September quarter this fiscal from Rs 10,378.91 crore during the same quarter in 2015-16.
 
Its total expenses were higher at Rs 13,132.04 crore during the period under review, compared to Rs 11,836.11 crore in the corresponding period last year.
 
SAIL Chairman P K Singh said that despite surging coal prices, SAIL is working on a holistic strategy to remain competitive by reducing our cost, faster ramping up of new facilities and aggressive marketing.
 
“In tandem with the country’s impressive economic growth among large economies, the domestic steel consumption is rapidly growing which, coupled with growth oriented policies of the government, will see further improvements in future, the agency quoted Singh as saying.
 
In these difficult market conditions, SAIL management’s suitably tailored marketing strategies, customer and market centric approach and the concerted efforts to ramp up production from the modernised facilities resulted in sales growth across all product categories, the steelmaker said.
 
Also in keeping with its focus to increase global footprint, SAIL’s exports more than doubled in the first half this fiscal, it added.

Comments

 

Other News

I believe we are at crossroads, says deputy governor RBI

  Only a bank that fears losing its deposit base or incurring the wrath of its shareholders is likely to recognise losses in a timely manner. In many of our banks, such market discipline is simply not present at the moment, said RBI deputy governor Viral V Acharya.  

India improving rice variety for flood prone areas

Farmers would no longer have to fret when the surging river water inundates their fields as scientists are working on rice varieties that are hardy and would grow in fields which have been submerged by flash floods. Dr Nitendra Prakash of crop research station at Bahraich, Uttar Pradesh told

At 55.28% BMC sees highest voter turnout in 25 years

Mumbai recorded its highest ever turnout in the civic elections on Tuesday with 55.28% voters exercising their franchise. Voter turnout in R Central ward of Charkop-Borivali was 61.5% followed by 60

A mirage called disinvestment

The government is getting ambitious. It wants to divest some PSU shareholding and raise a staggering Rs 72,500 crore during the 2017-18 fiscal. The mood is upbeat among finance ministry mandarins due to the heartening performance of the exchange traded fund (ETF), a basket of 10 bluechip central public ser

Cash Donations: More opacity Ė with legal backing too

While presenting the budget, the finance minister made an announcement about making donations to political parties more transparent. If the proposals to amend the relevant laws are approved by parliament, from April 2017 donations to political parties can be made in cash only up to Rs 2,000; payments of hi

Is UP headed for a hung assembly?

Is UP headed for a hung assembly?

Video

क्या बागी हो गए हैं वरुण गांधी?
Digital Transformation Summit

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter