Rakesh Jhunjhunwala has trimmed his stake in Steel Authority of India (SAIL) during the January-March quarter to below one per cent, data available with the company’s website showed. Earlier, Rakesh Jhunjhunwala had cut down his stake in the company from 1.76 per cent (7.25 crore equity shares) to 1.09 per cent (4.50 crore equity shares) at the end of December 2021. However, Rakesh Jhunjhunwala’s name didn’t appear in the list released by the company for January-March quarter, per the latest filing for shareholding. Companies don’t need to report the names of shareholders holding less than one per cent stake in the company.
Rakesh Jhunjhunwala along with his wife Rekha Jhunjhunwala collectively hold 0.81 per cent stake in this PSU metal stock. According to the shareholders data available on SAIL’s website, Rekha Jhunjhunwala owns 0.49 per cent or 2.03 crore equity shares as on 14 January 2022. Similarly, often called the Big Bull of Dalal Street, Rakesh Jhunjhunwala holds 0.32 per cent stake in the company.
SAIL stock performance
SAIL share price has fallen 4.3 per cent in five days, 13.5 per cent in six months, and 6.13 per cent so far in the year. While it has delivered positive returns of 4 per cent in the past one month, and 16.12 per cent in the last one year. SAIL stock hit a 52-week low of Rs 84.50 apiece in February this year. Since then stock has rallied over 24 per cent to currently trade at Rs 104.90 apiece.
SAIL is yet to announce its fourth quarter earnings for financial year 2022. ICICI Direct expects SAIL to report net profit at Rs 1,710 crore down 50 per cent on-year, and up 12 per cent sequentially. Net sales are seen at Rs 30,375 crore, up 30 per cent on-year, and 20 per cent sequentially. While EBITDA may fall 43 per cent on-year to Rs 3,510 crore.