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4-Traders Homepage  >  Equities  >  NATIONAL STOCK EXCHANGE OF INDIA  >  Steel Authority of India Limited    SAIL   INE114A01011

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Steel Authority of India Limited : India Minister : Consortium Got Letter Of Intent To Mine In Afghanistan

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05/21/2012 | 11:09am CEST

A consortium of seven Indian companies has received a letter of intent from the Afghanistan government, bringing them a step closer to mining iron-ore deposits in the country's Hajigak province, Indian Steel Minister Beni Prasad Verma said Monday.

The group won the right to mine three iron-ore blocks in Afghanistan after an international bidding process last November.

The letter of intent is an initial agreement, which will be followed by a formal joint venture pact.

"We hope to sign a joint venture agreement [with the Afghan government] soon," added C.S. Verma, chairman of Steel Authority of India Ltd. (500103.BY), which leads the consortium.

The Indian group also includes state-run NMDC Ltd. 526371.BY) and Rashtriya Ispat Nigam Ltd., and private-sector firms JSW Steel Ltd. (500228.BY), Jindal Steel & Power Ltd. (532286.BY), JSW Ispat Steel Ltd. (500305.BY) and Monnet Ispat & Energy Ltd. (513446.BY).

Minister Verma added that SAIL is also in the final stages of discussions to build a steel plant in Afghanistan.

--By Biman Mukherji, Dow Jones Newswires; 91-11-4356-3358; prasenjit.bhattacharya@dowjones.com

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Financials ( INR)
Sales 2017 565 297 M
EBIT 2017 28 274 M
Net income 2017 -20 924 M
Debt 2017 363 654 M
Yield 2017 2,48%
P/E ratio 2017 -
P/E ratio 2018 189,41
EV / Sales 2017 1,00x
EV / Sales 2018 0,87x
Capitalization 199 504 M
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Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 28
Average target price 34,5  INR
Spread / Average Target -29%
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Managers
NameTitle
P. K. Singh Chairman & Managing Director
Anil Kumar Chaudhary Executive Director & Finance Director
Sashi Sekhar Mohanty Executive Director & Technical Director
S. K. Gupta Director-Medical & Health Services
Binod Kumar Independent Non-Executive Director
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Sector and Competitors
1st jan.Capitalization (M$)
STEEL AUTHORITY OF IND..0.00%2 962
VALE SA36.00%25 697
NIPPON STEEL & SUMITOM..-12.25%19 295
ARCELORMITTAL71.76%17 685
POSCO--.--%17 071
NUCOR CORPORATION30.00%16 656
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