2 billion rupees debt due for repayment this fiscal year, which will have to be “met from borrowed funds”.“If we see SAIL increasing its pace of production, the turnaround may happen within six months to one year,” Singh told Reuters.23 billion rupees, 13 per cent below the then target.Minister of Steel Chaudhary Birender Singh said he hoped SAIL would be able to improve its performance in the coming months.71 billion rupees including tax to the government based on its “net-worth” last fiscal year.SAIL’s refusal could make it harder for the government to meet its budgeted target of China DIN935 HEX NUT Manufacturers raising 1.75 “the company in financial covenants agreed to with some of the foreign lenders”. New Delhi: State-owned Steel Authority of India Ltd (SAIL) has declined a government call for a dividend for the last financial year, saying it did not have “any cash and bank balance” and that its debt-to-income ratio was much higher than agreed with some lenders, showed an internal document reviewed by Reuters.”
A SAIL spokesman told Reuters that the firm posted a loss in the 2017-18 fiscal year “so there is no chance of a dividend”.“SAIL does not have any cash and bank balance and would need to borrow from the market for payment of dividend,” SAIL said in an explanation sent to the government expressing its inability to pay the dividend. “The company is right now on course-correction mode.95 billion) from the dividends and profit of state-owned companies this fiscal year ending March.7 billion, were down more than 2 per cent.Shares of the company, which has a market value of around $4. SAIL does not have any cash and bank balance and would need to borrow from the market for payment of dividend.The firm has 32.7 billion, were down more than 2 per cent after the news in a wider market that was largely flat.06 trillion rupees.
The document also showed SAIL’s net debt-to-earnings before interest, taxes, depreciation and amortization (EBITDA) ratio was 8.”SAIL’s stock, which has fallen more than 13 per cent this year, was trading at 79.5, against the 1.The Ministry of Finance did not respond to a request for comment.Shares of the company, which has a market value of around $4.5 to 3.60 rupees on Friday afternoon.“It is getting increasingly difficult to borrow further from the market in the current market conditions, especially for the steel sector, as the financial institutions and banks are reluctant to take further exposure on steel industry. But this year, the company will end up showing net profit in toto,” the spokesman said. Last fiscal year, the government received 1.“In the last three quarters, the company has been in profit and production is also ramping up although the loans do exist.India’s second-biggest steel firm by current production said it had been due to pay out 21.
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