Bhushan Steel corrects on profit booking

Bhushan Steel fell 5.44% to Rs 68.50 at 14:40 IST on BSE on profit booking after the stock rose 32% in the preceding two trading sessions to Rs 72.60 on 10 July 2015, from a recent low of Rs 55 on 8 July 2015.

Meanwhile, the BSE Sensex was up 309.68 points, or 1.12%, to 27,971.08.

On BSE, so far 3.97 lakh shares were traded in the counter, compared with an average volume of 1.91 lakh shares in the past one quarter.

The stock hit a high of Rs 71.80 and a low of Rs 67.50 so far during the day. The stock hit a 52-week high of Rs 401 on 1 August 2014. The stock hit a 52-week low of Rs 49 on 5 June 2015.

The stock had outperformed the market over the past one month till 10 July 2015, rising 9.67% compared with 3.06% rise in the Sensex. The scrip had also outperformed the market in past one quarter, falling 0.55% as against Sensex's 4.22% fall.

The small-cap company has an equity capital of Rs 45.30 crore. Face value per share is Rs 2.

With reference to the news item titled, "Lenders clear Rs 30,000 crore debt rejig for Bhushan Steel", Bhushan Steel clarified during trading hours on Thursday, 9 July 2015, that the joint lenders forum have agreed to extend the loans of Bhushan Steel for a tenure of 25 years under the scheme announced by Reserve Bank of India (RBI) and the approval of the scheme is under process with the respective banks. Presently about 70% of the banks have approved the scheme and sanction from rest of the banks is under process which is expected within a month or so, the company added.

Bhushan Steel reported net loss of Rs 360.77 crore in Q4 March 2015 compared with net loss of Rs 19.57 crore in Q4 March 2014. Total income fell 3.8% to Rs 2427.01 crore in Q4 March 2015 over Q4 March 2014.

Bhushan Steel is a globally renowned one of the leading prominent player in steel industry. The company is now India's 3rd largest secondary steel producer with an existing steel production capacity of 2 million tones per annum's (approx.).

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