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SAIL shares volatile after Q4 earnings, brokerages divided on steel cycle outlook
Shares of Steel Authority of India (SAIL) witnessed a volatile trading session on Monday after the company reported a sharp rise in March quarter earnings, while brokerages remained divided on the sustainability of steel spreads and volume growth outlook.
The stock declined nearly 2 per cent to ₹188.21 in early trade before rebounding to an intraday high of ₹193.99 against the previous close of ₹192.40. The stock later traded at ₹190.02 on the NSE at 10.57 am.
SAIL on Friday reported a 42 per cent yoy rise in standalone net profit to ₹1,680 crore for the March quarter of FY26, supported by higher revenues and improved steel realisations.
Brokerages split
Investec maintained a buy rating on the stock with a target price of ₹270, citing a strong operational performance in the fourth quarter. The brokerage said EBITDA beat estimates by 19 per cent due to improved spreads. While the Street remains concerned that pricing and spreads may have peaked, Investec expects ₹2,200 per tonne q-o-q spread expansion in Q1FY27 and sees further upside potential. It added that management’s guidance of 16 per cent volume growth to 22 million tonnes for FY27 is likely to be achieved by FY28.
The brokerage also highlighted the company’s focus on operational efficiencies and growth capex, calling SAIL the best proxy to capture gains from domestic steel tariff-led price and spread improvement.
Morgan Stanley maintained an underweight rating with a target price of ₹140. The brokerage said adjusted EBITDA came in lower than its estimates but ahead of consensus expectations. It noted that volumes and realizations were weaker than expected, partially offset by lower costs. Morgan Stanley expects margin expansion in Q1FY27 due to higher steel prices but said the FY27 volume guidance of 22 million tonnes appears optimistic.
Citi retained a sell rating on the stock and raised its target price to ₹180. The brokerage said fourth-quarter EBITDA rose around 53 per cent yoy, largely driven by 8 per cent higher realisations, while volumes remained largely flat and costs increased about 2 per cent. Adjusted EBITDA per tonne stood at ₹8,280 compared to ₹4,465 in the December quarter and ₹5,405 a year ago.
Citi said q-o-q EBITDA per tonne gains were led by a ₹4,750 per tonne increase in realisations, partly offset by nearly ₹935 per tonne rise in costs. The brokerage highlighted management commentary indicating FY27 volume growth guidance of around 13 per cent, with weaker demand trends expected in the first half and recovery later in the year.
It also noted that spot steel realizations are currently ₹4,500-5,000 per tonne higher compared to the fourth quarter and management expects prices to sustain. However, Citi flagged concerns around rising coking coal costs, upcoming wage revision pressures and increasing capex commitments. The brokerage added that SAIL’s next phase of capacity expansion is still about three years away and higher debt levels could limit upside to EBITDA per tonne.
Published on May 18, 2026
Us: US court drops all charges against Gautam Adani, case closed permanently – Us Justice Department Drops All Charges Against Gautam Adani Sagar Adani Case Closed Permanently
The US Justice Department has permanently dropped all criminal charges against Indian industrialist Gautam Adani and his nephew Sagar Adani. With this, the much discussed case of bribery and fraud allegations going on in New York has been completely closed. After this decision, many US regulatory and legal investigations related to Adani Group have stopped.
Last week the US Securities and Exchange Commission (SEC) settled charges against Gautam Adani and Sagar Adani related to disclosures made to investors regarding solar energy projects in India. Documents filed in the court revealed that Gautam Adani agreed to pay US$6 million and Sagar Adani agreed to pay US$120 million, without admitting or denying any wrongdoing.
Also read: India Norway Ties: PM Modi’s meeting with business leaders in Norway, invited to invest in India
Now the case will not be reopened
“The Department of Justice has reviewed this case and, based on its prosecutorial discretion, has decided not to expend further resources on these criminal charges against the individual defendants,” the department said. The Justice Department had filed a petition in the court requesting it to dismiss the charge sheet against Adani “with prejudice” (permanently).
After this the court ordered dismissal of all the charges. A dismissal “with prejudice” means the case cannot be reopened. Such dismissals are unusual in American criminal proceedings and usually reflect a determination after an extensive review that it is no longer appropriate to pursue the case.
What was the matter?
The SEC and DOJ cases, filed in late 2024, alleged that Adani allegedly paid US$265 million in bribes involving Indian officials to win solar power contracts. Along with this, while raising capital, it was hidden from American investors and lenders.
Also read: US-China trade agreement: Two new boards will be formed to increase economic cooperation, White House released details
According to sources, the case turned in Adani’s favor after prosecutors did not find clear US links and found insufficient evidence to sustain charges. A team of five US legal advisers reviewed the case. However, this review did not find sufficient findings to sustain charges against Gautam and Sagar Adani, leading the Justice Department to move to dismiss the charges.
Rg Kar Case: CM Suvendu Adhikari’s big decision, allows Ed to prosecute Sandip Ghosh – Rg Kar Case: CM Suvendu Adhikari’s big decision, allows Ed to prosecute Sandip Ghosh
News Desk, Amar Ujala, Kolkata
Published by: Pavan
Updated Mon, 18 May 2026 11:04 PM IST
Big decision of CM Shubhendu Adhikari – Photo: ANI
Why Vodafone idea shares fell 2.4% despite AGR windfall?
Shares of Vodafone Idea opened under pressure on Monday, trading at ₹12.64, down 2.39 per cent or ₹0.31, by 10.07 am, even as the stock sits near its 52-week high of ₹13.33 hit just last Thursday. Sell orders outpaced buys by nearly two to one, with 64.98 per cent of the 15.44 crore shares traded on the sell side. Total traded value stood at ₹720 crore by early morning.
The weakness comes despite Vi reporting a headline Q4FY26 net profit of ₹51,986 crore — its first reported profit in years — driven almost entirely by a one-time exceptional gain of ₹55,622 crore arising from a downward revision of its AGR dues by the Department of Telecommunications. Excluding this accounting windfall, the company continued to bleed, posting an adjusted loss of ₹5,521 crore for the quarter.
The bigger near-term catalyst for the stock was the board’s May 16 approval to issue up to 430 crore warrants to Suryaja Investments Pte. Ltd., a Singapore-based Aditya Birla Group entity, at ₹11 per warrant — aggregating ₹4,730 crore. Upon full conversion, the entity would hold a 3.82 per cent stake. Shareholder approval is being sought at an EGM on June 11.
Analysts are treating the Birla infusion as a necessary but insufficient step. JM Financial, which maintains an ADD rating with a revised target price of ₹14 — up from ₹9 following the AGR debt reduction of roughly ₹550 billion — flagged that the critical variable remains lenders’ approval for a pending ₹25,000 crore debt raise. That funding is essential for Vi to execute its ₹45,000 crore network capex plan through FY29 and arrest subscriber losses.
Motilal Oswal retained a Neutral stance with a CMP of ₹13, noting that while the Birla warrant announcement is sentimentally positive, accelerated debt mobilization remains the make-or-break factor for Vi’s competitive recovery against Jio and Airtel.
The stock has gained 72 per cent over the past year and 32 per cent in the last month, reflecting renewed investor interest following the AGR resolution. However, with spectrum dues of ₹1,27,400 crore still looming and the company loss-making on an adjusted basis for eight straight quarters, the path to financial sustainability remains long.
Published on May 18, 2026
Uganda responds with emergency measures to Ebola outbreak
Al Jazeera’s Catherine Soi reports on the emergency measures implemented in Uganda in response to the Ebola outbreak.
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Is this the destiny of the party?: Impact of split in AIADMK, senior leader S Semmalai resigns – Tamil Nadu Aiadmk Leader S Semmalai Resign From Party E Palaniswami
Senior AIADMK leader S Semmalai has resigned from the primary membership of the party. In his resignation letter sent to party general secretary A Palaniswami, he expressed deep displeasure and pain over the ongoing rift within the party and recent developments.
Semmalai wrote, ‘What is happening in AIADMK after the elections has left me in deep mental shock. Is the golden hearted revolutionary leader M.G. Ramachandran and revolutionary leader J. This is the destiny of this movement protected by Jayalalitha? He said in an emotional tone, ‘Kapoor can dissolve, but can any party also dissolve? It hurts my heart to think about this, it really hurts. Semmalai further said that he is regretfully resigning from his post and primary membership of the party.
Arkansas man arrested for allegedly threatening Walmart mass shooting
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An Arkansas man was arrested after allegedly threatening to carry out a mass shooting at his local Walmart if the country went into lockdown over the hantavirus outbreak, authorities said.
Aaron Bynum, 20, of Oakland, was arrested Friday for allegedly making the threats, according to the Marion County Sheriff’s Office.
He was charged with first-degree terroristic threatening and harassing communications.
Officials said the arrest followed an investigation into online threats allegedly made by Bynum on May 9.
Authorities arrested an Arkansas man accused of threatening a Walmart shooting tied to hantavirus lockdown fears. (Marion County Sheriff’s Office; iStock)
The FBI’s National Threat Operations Center received an electronic tip from an individual playing an online video game who alleged another player threatened to carry out a mass shooting at a local Walmart “if the country were locked down again due to the Hantavirus.”
Authorities said the reporting individual provided the player’s gamer username along with an in-game recording of the alleged threats.
Investigators said they subpoenaed the game’s parent company, which identified Bynum as the owner of the account.
Aaron Bynum, 20, was arrested after allegedly threatening to carry out a mass shooting at a Walmart if the country entered another lockdown over hantavirus concerns, authorities said. (Marion County Sheriff Office)
The FBI’s Fayetteville Field Office then alerted the Marion County Sheriff’s Office, and authorities executed a search warrant at Bynum’s residence Friday.
Investigators said they seized Bynum’s computer and related accessories.
Authorities said Bynum was taken into custody without incident and booked into the Marion County Detention Center on a $2,500 bond.
CRUISE SHIP PASSENGER DESCRIBES UNCERTAINTY AFTER 3 DEATHS AMID HANTAVIRUS PROBE
Authorities said an Arkansas man threatened to carry out a mass shooting at a local Walmart. (unknown)
The hantavirus outbreak tied to the MV Hondius cruise ship has sickened multiple people aboard the vessel, with WHO reporting as of May 13 that all cases then identified were passengers.
As of May 13, the World Health Organization said 11 cases had been identified in connection with the outbreak, including eight confirmed cases, two probable cases and one inconclusive case. Three deaths had also been linked to the outbreak, and WHO assessed the risk to the global population as low.
Canadian health officials on Sunday confirmed that one of four Canadians who returned from the MV Hondius tested positive for the virus. The Associated Press reported that the Canadian case brought the number of confirmed infections tied to the ship to 10, updating the earlier WHO count from May 13.
While the outbreak has sparked comparisons to the coronavirus pandemic, Fox News senior medical analyst Dr. Marc Siegel previously told Fox News Digital there is “no comparison,” noting hantavirus is difficult to spread.
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The CDC says Andes virus, the strain confirmed in the MV Hondius outbreak, is the only hantavirus documented to spread from person to person, though such transmission is rare and generally requires close, prolonged contact with a symptomatic person.
“It’s not airborne … in terms of respiratory droplets hanging in the air,” he said. “It’s very difficult to transmit.”
Fox News Digital’s Angelica Stabile contributed to this report.
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