Bhushan Steel shares surge over 13% on asset sale reports

Bhushan Steel's scrip surged over 13 per cent today amid reports that the company is in the process of getting Rs 3,000 crore from sale and lease-back arrangements for two of its assets in Odisha.
The stock soared 12.79 per cent to settle at Rs 48.50 on BSE. During the day, it jumped 18 per cent to Rs 50.75.
At NSE, shares of the company advanced by 13.17 per cent to Rs 48.55.
Volumewise, 12.94 lakh shares of the company changed hands at BSE and over 51 lakh shares were traded at NSE during the day.
"Shares of Bhushan Steel surged more than 14 per cent after market reports that the company's assets in Odisha plants would fetch the company around Rs 3,000 crore which would help the company trim its debt obligations," said Hiren Dhakan, Associate Fund manager, Bonanza Portfolio Ltd.

In a clarification to BSE, the firm today said, "Our discussion regarding sale and lease back arrangements of Cock Oven Plant-I and Oxygen plant-V of the company is at final stage."
Bhushan Steel had last month informed BSE that its board has considered and approved "sale & lease back arrangements of Cock Oven Plant -I and Oxygen Plant -V of the company situated at integrated steel plant, Meramandali, Odisha".