19 Mar , 2022 By : Kanchan Joshi
Rakesh Jhunjhunwala portfolio: Steel Authority of India Limited (SAIL) has informed BSE that the Company has fixed March 29, 2022 as the record date for the purpose of payment of second interim dividend. Board of Director of the company informed Indian exchanges about the approval of Rs2.5 interim dividend. After the decision became public on 16th, SAIL share price started to surge northward. In two trade sessions post-dividend announcement, SAIL shares have shot up 94.90 to 98.10 apiece levels, logging around 3.50 per cent rise in two sessions.
According to stock market experts, SAIL may get business opportunity in Middle East region after imposition of sanctions on Russia. They said that Rakesh Jhunjhunwala portfolio stock is available at attractive valuations as it may go up to Rs144 apiece levels in next two quarters. They advised positional investors to add this PSU stock in their portfolio even after rise in stock price post-dividend announcement.
Speaking on the reasons for being bullish on SAIL shares; Manoj Dalmia, Founder & Director at Proficient Equities Limited said, "After imposition of sanctions on Russia, SAIL has a better business advantage in the Middle East and other regions where Russia is a major contributor. Compared to its peers, SAIL shares are available at an attractive valuations where its PE ratio is just 2.9. Company's 5 years profit growth stands at 25 per cent whereas its 5 years CAGR growth stands at 12 per cent. One can add this stock in one's portfolio."
Advising positional investors to buy SAIL shares; Ravi Singhal, Vice Chairman at GCL Securities said, "SAIL share price is poised for sharp upside move. One can buy the stock at current levels maintaining stop loss at Rs88 apiece levels for 6 months target of Rs144 per share."
SAIL share dividend announcement
In latest exchange communication, SAIL Board of Directors informed about the approval to the proposal for second interim dividend citing, "This is in continuation of our intimation of even no. dated 12th March, 2022. The Board of Directors at its meeting held today i.e. 16th March, 2022, has inter-alia, approved the payment of 2nd Interim Dividend for the FY 2021-22 @ Rs.2.50/- per equity share (25% on the paid up equity share capital of the Company)."
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