South Indian Bank enters into a MoU with SAIL for financing dealers

South Indian Bank and Steel Authority of India Limited (SAIL) have signed Memorandum of Understanding to provide financial assistance to the dealers of SAIL across the country.

The MoU was exchanged between Mr. Praveen Joy (Head-Transaction Banking Group) of South Indian Bank, and Mr. Surendra Kumar Sharma, (CGM - Finance & Accounts) of SAIL, on Wednesday, 11th of January 2023. Mr. Jiljith J, (AGM & Regional Head- Kolkata, South Indian Bank) and Ms. Chaitali Deb (GM - Finance & Accounts, SAIL) were also present on the occasion.

Commenting on the significance of the MoU, Mr. Murali Ramakrishnan, MD & CEO, South Indian Bank said, "The tie-up allows us to offer SAIL's dealers with financial assistance for working capital, especially steel procurement. With our network of 928 branches, we will be able to serve the MSME and corporate customers of SAIL located at different geographies. We are sure that the association will benefit the dealers by allowing them more financial room to manage their offtake. Since steel is an important component for industry, it will boost SAIL and consequently, India's steel production, which aligns with the Central Government's infrastructure and industrial push."

Mr Surendra Sharma, CGM - Finance and CMO, SAIL, elaborated further, "Steel is an essential component for infrastructure and industrial development. SAIL has a vast network of dealers who ensure availability of quality steel in virtually all the districts of the country. Our association with SIB will provide them an alternative financing option at competitive prices. It will ensure unhindered and smooth flow of steel through the supply chain, which, in turn, will ensure that the wheels of industry run smoothly."

Shares of Steel Authority of India Limited was last trading in BSE at Rs. 87.10 as compared to the previous close of Rs. 87.85. The total number of shares traded during the day was 584588 in over 2494 trades.

The stock hit an intraday high of Rs. 88.45 and intraday low of 86.05. The net turnover during the day was Rs. 50730370.00.

Shares of The South Indian Bank Limited was last trading in BSE at Rs. 18.55 as compared to the previous close of Rs. 19.15. The total number of shares traded during the day was 3458267 in over 4581 trades.

The stock hit an intraday high of Rs. 19.40 and intraday low of 18.25. The net turnover during the day was Rs. 64292657.00.

Source : Equity Bulls

Keywords

SteelAuthorityofIndia INE114A01011 SAIL TheSouthIndianBank INE683A01023 FinancialAssistance Dealers