SAIL shares will be in focus on Friday after the company partnered with John Cockerill India to implement green technologies in iron and steelmaking. This collaboration marks a significant step in SAIL’s commitment to transforming traditional practices with advanced, sustainable technologies.On Friday, the focus will be on State-owned Steel Authority of India Ltd (SAIL) shares as the company has entered into a partnership with the Indian arm of John Cockerill Group to incorporate green technologies in its iron and steelmaking processes. This development is significant as the Maharatna firm is committed to transforming traditional iron and steelmaking practices by adopting advanced, sustainable technologies, according to a statement released by the company.
The Memorandum of Understanding (MoU) was signed by SAIL with John Cockerill India Ltd (JCIL), with a focus on cold rolling and processing for carbon steel, green steel, and silicon steel, specifically CRGO (cold rolled grain-oriented) and CRNO (cold rolled non-oriented) steels. The partnership also aims to incorporate advanced steelmaking technologies to enhance efficiency and sustainability.
In the September quarter of FY25, SAIL reported a 31% fall in consolidated net profit to Rs 897.15 crore, mainly due to lower income. The company had posted a net profit of Rs 1,305.59 crore for the same period in the previous financial year. Total income decreased to Rs 24,842.18 crore from Rs 29,858.19 crore in the same period of the preceding financial year. Expenses stood at Rs 23,824.07 crore, compared to Rs 27,768.60 crore in the year-ago quarter.
Standalone crude steel production during the September quarter stood at 4.80 million tonnes (MT), up from 4.76 MT last year. On Thursday, SAIL shares closed flat at Rs 116.3, while the benchmark Sensex declined 1.48%. The stock has declined by 7% in 2024 to date and 28% over the past six months, with the company currently holding a market capitalization of Rs 48,032 crore.
The partnership between SAIL and JCIL is a significant step towards incorporating green technologies in the iron and steelmaking processes. This collaboration will focus on cold rolling and processing for carbon steel, green steel, and silicon steel, specifically CRGO and CRNO steels. The aim is to enhance efficiency and sustainability by adopting advanced steelmaking technologies. In the September quarter of FY25, SAIL reported a 31% fall in consolidated net profit to Rs 897.15 crore, mainly due to lower income. The company had posted a net profit of Rs 1,305.59 crore for the same period in the previous financial year. Total income decreased to Rs 24,842.18 crore from Rs 29,858.19 crore in the same period of the preceding financial year. Expenses stood at Rs 23,824.07 crore, compared to Rs 27,768.60 crore in the year-ago quarter. Standalone crude steel production during the September quarter stood at 4.80 million tonnes (MT), up from 4.76 MT last year. On Thursday, SAIL shares closed flat at Rs 116.3, while the benchmark Sensex declined 1.48%. The stock has declined by 7% in 2024 to date and 28% over the past six months, with the company currently holding a market capitalization of Rs 48,032 crore.