The stock finally ended flat at Rs 1,328. Over 79,537 shares were traded on the BSE today.
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(Updated at 1043 hrs)
Bhushan Steel has firmed up in morning trades on news that it may sell stake to Japan’s Sumitomo Metal Industries. The stock is quoting at Rs 1,350, higher by Rs 19 or 1.4%, on the BSE. It had opened at Rs 1,321 and has touched a high of Rs 1,355 and a low of Rs 1,321 thus far.
Bhushan might explore offloading around 2.1 million shares of its 42 million shares to Sumitomo. This was in addition to the joint venture opportunity being explored for the six-million-tonne Bengal steel project.
If the deal with Sumitomo for Bhushan Steel materialises, it would be the second Indian steel company to go for such a deal with a Japanese company. Recently, the Sajjan Jindal-controlled JSW Steel announced a collaboration with JFE Steel Corporation, the world’s sixth largest steelmaker.