India's SAIL hits 15-year peak; Investec says most-leveraged steel play

Steel Authority of India

21/04/2026 07:24

** Shares of Steel Authority of India SAIL.NS up 2.5% at 176.66 rupees, hitting highest since April 2011

** Investec says Indian steel mills are in a sweet spot, benefiting from price gains following safeguard duty by the government

** India, the world's second-biggest crude steel producer, has import tariffs on some steel products in an effort to curb cheap Chinese products

** Tight supply due to gas shortages could also keep prices elevated

** Brokerage notes SAIL screens as the most leveraged play on spread up-cycle, combining highest spread sensitivity, favorable product mix

** Investec expects a robust beat in current full-year profit for SAIL, and sees positive commentary from steel cos in Q4 on scope of superior cash-flow generation

** Metal index .NIFTYMET edges up 0.1% to record

** SAIL up 20.2% YTD, metal index up 15%

 (Reporting by Pranav Kashyap in Bengaluru)

 ((pranav.kashyap@thomsonreuters.com))