Bhushan Steel shares gained as much as 16 per cent on Friday after the company informed bourses that capacity of Hot Strip Mill situated at Distt Dhenkanal, Orissa has been increased from 4 million tonnes to 5 million tonnes per annum. At 1.38 pm, shares of the company were trading 4.94 per cent up at Rs 42.50. The scrip opened the day at Rs 40.50 and has touched a high and low of Rs 47 and Rs 40.10, respectively, in trade so far. Benchmark BSE Sensex was trading 26.23 points up at 28,449.71.
For the quarter ended March 31, 2016, the company reported a net loss of Rs 670.47 crore against net loss of Rs 360.77 crore in the same quarter last year. However, net sales of the company jumped by 29.49 per cent year-on-year to Rs 3031.30 crore for the quarter under review against Rs 2341.02 crore in the same quarter last year. Operating profit of the company jumped by 45.01 per cent year-on-year to Rs 630.48 crore.
In the past one year, shares of Bhushan Steel fell by 20.35 per cent to Rs 40.50 on September 1, 2016. The scrip was trading at Rs 50.85 on the same day a year ago. Sensex gained 10.61 per cent during the same period. Shares of the company have hit 52-week of Rs 52 on March 9, 2015 and 52-week low of Rs 32.50 on February 12, 2016.
Promoters of Bhushan Steel hold 59.05 per cent stake in the company, while public hold 40.95 per cent stake in the company.