Bhushan Steel hits 52-week high on heavy volumes

The stock hit 52-week high of Rs 57, rallied 34% in past three trading sessions.

Bhushan Steel has hit 52-week high of Rs 57, up 14% on the BSE in intra-day trade on reports that the JSW Steel is in talks to buy the company. In past three trading sessions, the stock rallied 34% from Rs 42.55 on January 18, 2017.

At 03:11 pm; the stock was up 11% at Rs 55.45 on the BSE as compared to 0.26% rise in the S&P BSE Sensex. The trading volumes on the counter jumped more than five-fold with a combined 5.99 million shares changed hands on the BSE and NSE so far.

“The Exchange has sought clarification from Bhushan Steel Ltd on January 23, 2016 with reference to news flashed on Bloomberg TV dated January 23, 2016 "JSW Steel bids for Bhushan Steel,” according to BSE website.

The reply is awaited.

JSW Steel today said it continues to evaluate various opportunities, both organic and inorganic, to achieve its long-term vision of becoming a 40 million tonne steel company.

“JSW Steel has a vision to be a 40 million tonne steel company in line with the estimated increase in installed capacity in India to 300 million tonnes in the next decade. Accordingly, the company continues to evaluate various opportunities both organic and inorganic to achieve its long term vision,” JSW Steel said in a BSE filing.

The company was responding to the media reports that JSW Steel and Blackstone were in talks to buy Monnet Ispat.

JSW Steel was trading at day’s high level at Rs 195, up 4.8%, while Monnet Ispat & Energy up 6.6% at Rs 27.55 on back of heavy volumes.