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By CNBCTV18.com STI (Update)

mini

SAIL shares are among the top gainers on the Nifty Metal Index.

wealth desk
wealth desk

Steel Authority of India Ltd. (SAIL) has become the first Public Sector Enterprise (CPSE) to cross Rs 10,000 crore in procurement through the Government-e-Marketplace (GeM).

The company’s supply value in the 2018-19 financial year stood at a modest Rs 2.7 crore.

One of India’s largest steel producers, SAIL also topped the list of CPSE buyers in the financial year 2022, with a value of Rs 4,614 crore.

The company has made purchases of Rs 5,250 crore so far this year and aims to further increase its GeM volumes.

SAIL produces iron and steel in five integrated factories and three special steel mills, located mainly in the eastern and central regions of India and close to domestic sources of raw materials. SAIL manufactures and sells a wide range of steel products.

The company had previously passed the Rs 1 lakh crore milestone in annual revenue in the financial year 2022.

Shares of SAIL are trading up 4% at Rs 82.40 as of 1:35 p.m. Sentiment is also improving due to a decline in the US Dollar Index.