Friday Preview: SAIL Poised for Further Gains Despite Q3 Profit Dip

Steel Authority of India Ltd (SAIL) is set to continue its upward momentum on Friday, defying a 66% drop in Q3 profit. The stock surged 4% on Wednesday, reaching an intraday high of Rs 110 per share. Nuvama Institutional Equities upgraded SAIL to 'Buy' and raised its target price to Rs 123, citing potential benefits from safeguard duties on steel imports. Lower coking coal prices are expected to improve gross margins, driving a projected 20% EBITDA CAGR over the next two years. With a 10% gain over two days and steady revenue growth of 5% YoY, SAIL's resilience positions it for further gains in today's trading session.
Sources: Financial Express, Moneycontrol, MarketsMojo