Bhushan Steel gets S4A-ready; stock hits 52-week high

The stock hit a 52-week high of Rs 68.55, up 14% on BSE in intra-day trade on back of heavy volumes,

Bhushan Steel has hit a 52-week high of Rs 68.55, up 14% on BSE in intra-day trade on back of eight-fold jump in trading volumes, after media report suggests that the company gets scheme for sustainable structuring of stressed assets (S4A) ready.

“A final proposal for S4A was submitted recently. People close to the development said State Bank of India (SBI) and Punjab National Bank (PNB) were the lead bankers to the group, which has been in financial distress for some time,” the Business Standard report suggests. CLICK HERE TO READ FULL REPORT

The BSE said, the Exchange has sought clarification from Bhushan Steel on April 10, 2017, with reference to news appeared in www.business-standard.com dated April 10, 2017. "Bhushan Steel gets S4A-ready, submits final proposal to banks."

The reply is awaited.

At 02:40 pm; the stock was up 12% at Rs 67.75 on BSE as compared to 0.13% decline in the S&P BSE Sensex. A combined 5.56 million shares changed hands on the counter on BSE and NSE so far.