Bhushan Steel share price zooms 18% on assets sale buzz

By: | Updated: December 3, 2015 5:12 PM

Bhushan Steel share price gained as much as 18 per cent on Thursday on media reports that the debt-laden company is in the process of getting Rs 3,000 crore from sale and lease-back arrangement for two of its assets, oxygen and coke oven plant in Odhisha.

Bhushan Steel share price, SensexBhushan Steel share price gained as much as 18 per cent on Thursday on media reports that the debt-laden company is in the process of getting Rs 3,000 crore from sale and lease-back arrangement for two of its assets, oxygen and coke oven plant in Odhisha. (Photo: Reuters)

Bhushan Steel share price gained as much as 18 per cent on Thursday on media reports that the debt-laden company is in the process of getting Rs 3,000 crore from sale and lease-back arrangement for two of its assets, oxygen and coke oven plant in Odhisha.

At 2.39 pm, the share price of Bhushan Steel was trading 15.47 per cent up at Rs 49.65. The scrip opened at Rs 45 and had touched a high and low of Rs 50.75 and Rs 45, respectively, in trade so far. Later, the scrip of the company settled 12.79 per cent up at Rs 48.50.

The company later clarified on BSE that as refferred in the news, its discussion regarding sale and lease back arrangement of Cock Oven Plant-1 and Oxygen Plant-V of the company is at final stage.

In the past one year, the share price of the company slid 57.12 per cent to Rs 43 on December 2. The scrip was trading at Rs 100.30 on the same day last year. Sensex slid 8.17 per cent during the same period.

For the quarter ended September 30, 2015, the company posted net loss of Rs 732.79 crore against net loss of Rs 297.19 crore in the corresponding quarter a year ago.

The company’s total debt stood at Rs 39,078.65 crore at the end of the financial year ended March 2015.

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