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Bhushan Steel stock soars 20% on takeover bids by Tata Steel, others

The stock jumped 19.82 per cent to end at Rs 53.80 on BSE

Press Trust of India  |  New Delhi 

job, steel, PMI

Shares of on Monday soared nearly 20 per cent after the company said Tata Steel, and a consortium of the company's own employees have submitted bids to take over its assets.

The jumped 19.82 per cent to end at Rs 53.80 on During the day, the scrip rallied 19.93 per cent to hit its upper circuit at Rs 53.85. On NSE, shares of the company zoomed 19.79 per cent to close at Rs 53.85.

The company's market valuation rose by Rs 2.016 billion to Rs 12.186 billion. In terms of equity volume, 274,000 shares of the company were traded on and over one crore shares changed hands on during the day.

The company in a filing to said, as part of the resolution process, "the resolution professional (RP) has received resolution plans from Tata Steel, JSW Living Private Ltd and Employees of Ltd".

is a joint venture between JSW and Piramal Enterprises.

First Published: Mon, February 19 2018. 18:17 IST