Bhushan Steel jumps to top gainer

Bhushan Steel is currently the top gainer on the BSE, up 13% at Rs.48.55. Intra day, it went up a high of Rs.50.75. Volumes are up from 83,000 shares over a two-week average to almost 8 lakh shares today morning alone.

The stock price is up on unconfirmed news report that it is in the process of getting some Rs.3000 crore from sale and lease-back arrangements. This comes from sale of two of its assets – Rs.1000 crore on sale of oxygen plant and this has been leased back. It is also selling its coke oven plant for Rs.2000 crore.

This Rs.3000 crore is like a drop in the ocean for a company which is sitting on debt worth Rs.40,000 crore. Nevertheless, anything, even if small, is good enough.

The exchanges have asked for a clarification on this news and word from the company is awaited. Till then traders are making merry!