Maharatna PSU stock: Steel Authority of India (SAIL) share price rebounded over 4% in Friday's trading session after falling for two sessions straight amid stock market rally.
The PSU stock opened at ₹168 per share on NSE today, as compared to previous close of ₹166.25 on Thursday and touched an intraday high of ₹175.84 on 9 October.
The rally in the SAIL shares came in after spurt in trading volume. According to data available on NSE, around 211.29 lakh shares changed hands during the intraday session on Friday.
Meanwhile, benchmark indices Sensex and Nifty recovered in early trading on Friday after suffering sharp losses over the previous two sessions, supported by a rally in TCS and other IT stocks. The 30-share BSE Sensex advanced 292 points to 71,876.10, while the 50-share NSE Nifty gained 84.60 points to trade at 22,310.40.
In an exchange filing, steelmaker informed that it has received a boost from its rating agency as it prepares for an expansion plan that could increase its production capacity by nearly 70%.