 "Bhushan Steel gains 5% as MD Neeraj Singal released on bail")
Bhushan Steel is locked in upper circuit of 5% at Rs 118 after the company said that Neeraj Singal, vice chairman and managing director of the company who was in judicial custody haS been released on bail on September 27, 2014.
Singal was arrested on 7 August for his alleged involvement in the Syndicate Bank bribery case.
Since then, the stock had tanked 67% from Rs 305 to Rs 102 on September 25 on BSE.
At 0930 hours, a combined 50,000 shares changed hands on the counter and there are pending buy orders for nearly 200,000 shares on NSE and BSE.
Singal was arrested on 7 August for his alleged involvement in the Syndicate Bank bribery case.
Since then, the stock had tanked 67% from Rs 305 to Rs 102 on September 25 on BSE.
At 0930 hours, a combined 50,000 shares changed hands on the counter and there are pending buy orders for nearly 200,000 shares on NSE and BSE.
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