Buy SAIL, target price Rs 77: Kotak Securities

Kotak Securities has buy call on Steel Authority of India () with a target price of Rs 77.

Steel Authority of India (SAIL) Ltd., incorporated in the year 1973, is a Large Cap company (having a market cap of Rs 29843.05 Crore) operating in Metals - Ferrous sector.

Financials
For the quarter ended 31-12-2020, the company reported a Consolidated Total Income of Rs 19997.31 Crore, up 16.96 % from last quarter Total Income of Rs 17097.57 Crore and up 19.64 % from last year same quarter Total Income of Rs 16714.87 Crore. Company reported net profit after tax of Rs 1246.50 Crore in latest quarter.

Investment Rationale
Strong reversal formation with hammer candlestick pattern at key Fibonacci retracement level is evident on the daily chart.

Promoter/FII Holdings
Promoters held 75 per cent stake in the company as of Dec 30, 2020, while FIIs held 4.2 per cent, DIIs 13 per cent and public and other 7.9 per cent.