Bhushan Steel hits 52-week high on heavy volumes

Thus far in the calendar year 2017, the stock zoomed 123% against 12% rise in Sensex

Bhushan Steel hit 52-week high of Rs 90.40 on BSE in intra-day trade on back of heavy volumes, after the company said it is in discussion with banks for arriving at long terms solution for the debt but nothing is finalised so far.

There is no other discussion being done with any other bank for refinancing. As nothing has so far materialized therefore no disclosure was given pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The company made a clarification on news item appeared in the CNBC TV18 dated 08-05-2017 captioned "Bhushan Steel may be brought under sustainable structuring of stressed assets (S4A); likely to close refinancing from German bank; due diligence underway.

In past one-month, the stock rallied 32% from Rs 68 on April 10, after the Business Standard reported Bhushan Steel gets ready S4A and a final proposal for the same was submitted recently.

People close to the development said State Bank of India (SBI) and Punjab National Bank (PNB) were the lead bankers to the group, which has been in financial distress for some time.  Close to 50 banks have an exposure to the company, added report. CLICK HERE TO READ FULL REPORT.

Thus far in the calendar year 2017, the stock zoomed 123% against 12% rise in the S&P BSE Sensex.

At 1:17 pm; the stock was up 4% at Rs 88.65 on BSE against 0.20% gain in the benchmark index. The trading volumes on the counter jumped nearly two-fold with a combined 4.59 million shares changed hands on the BSE and NSE so far.