Steel Authority of India Ltd drops for fifth straight session

Steel Authority of India Ltd fell for a fifth straight session today. The stock is quoting at Rs 161, down 1.61% on the day as on 13:19 IST on the NSE. The benchmark NIFTY is up around 0.83% on the day, quoting at 24273.6. The Sensex is at 77983.71, up 1.03%.Steel Authority of India Ltd has eased around 11.62% in last one month.Meanwhile, Nifty Metal index of which Steel Authority of India Ltd is a constituent, has eased around 4.77% in last one month and is currently quoting at 12495.9, down 0.84% on the day. The volume in the stock stood at 74.59 lakh shares today, compared to the daily average of 164.33 lakh shares in last one month.

The benchmark July futures contract for the stock is quoting at Rs 161.41, down 1.75% on the day. Steel Authority of India Ltd jumped 17.99% in last one year as compared to a 2.78% slide in NIFTY and a 31% spurt in the Nifty Metal index.

The PE of the stock is 18.32 based on TTM earnings ending March 26.

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