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Higher Steel prices boost Topline: For 2QFY2009, SAIL posted a
significant 34% yoy jump in Topline to Rs12,239cr (Rs9,163cr) in line with
our estimates of Rs12,030cr. Topline growth came mainly on account of
higher prices yoy during the quarter. Average net realisation increased by
54% to Rs47,072/tonne (Rs30,545/tonne) including the value-added
product revenues. However, Sales volumes were lower yoy at 2.6mn
tonnes (3.0mn tonnes).

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