Bhushan Steel edges higher

Bhushan Steel rose 4.36% to Rs 91 at 9:33 IST on BSE after the company said it has entered into sale and lease back arrangements of its oxygen plants situated at its steel division, Meramandali Orissa.

The announcement was made after market hours yesterday, 27 February 2015.

Meanwhile, the S&P BSE Sensex was up 219.65 points or 0.75% at 29,439.77.

On BSE, so far 54,000 shares were traded in the counter as against average daily volume of 1.07 lakh shares in the past two weeks.

The stock hit a high of Rs 92 and a low of Rs 90 so far during the day.

Bhushan Steel said that in order to ease out constantly facing stress in cash flow, the company has entered into sale and lease back arrangements of its oxygen plants situated at its steel division, Meramandali Orissa.

Bhushan Steel reported a net loss of Rs 454.24 crore in Q3 December 2014, higher than net loss of Rs 54.79 crore in Q3 December 2013. Net sales rose 1.2% to Rs 2338.31 crore in Q3 December 2014 over Q3 December 2013.

Bhushan Steel is one of the leading players in steel industry.

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