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Bhushan Steel gains on obtaining fund raising approval

30 Jan 2012 Evaluate

Bhushan Steel is currently trading at Rs 351.65, up by 1.50 points or 0.43% from its previous closing of Rs 350.15 on the BSE.

The scrip opened at Rs 351.00 and has touched a high and low of Rs 359.00 and Rs 345.40 respectively. So far 12231 shares were traded on the counter.

The BSE group 'A' stock of face value Rs 2 has touched a 52 week high of Rs 530.00 on 06-May-2011 and a 52 week low of Rs 296.60 on 13-Dec-2011.

Last one week high and low of the scrip stood at Rs 359.00 and Rs 325.00 respectively. The current market cap of the company is Rs. 7435.73 crore.

The promoters holding in the company stood at 69.95% while Institutions and Non-Institutions held 2.55% and 27.50% respectively.

Bhushan Steel has received an approval to raise further equity shares for sum not exceeding Rs 700 crore by way of right issue at such premium as may decided by committee constituted by the board for the purpose. The board at its meeting held on January 28, 2012 has approved for the same.

The company posted a marginal fall of 1.33% in its net profit of Rs 276.62 crore for the quarter ended December 31, 2011 as compared to Rs 280.35 crore for the same quarter in the previous year. However, total income has increased by 23.84% from Rs 1952.72 crore for Q3FY11 to Rs 2418.26 crore in the quarter under review.

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