Bhushan Steel surged while Tata Steel tumbled at 10:50 IST on BSE after media reported that Tata Steel emerged as the top bidder for Bhushan Steel.
Bhushan Steel hit an upper circuit limit of 20% at Rs 53.85.Tata Steel was down 3.97% at Rs 661.
Meanwhile, the S&P BSE Sensex was down 108.58 points, or 0.32% to 33,902.18.
According to media reports, Tata Steel has emerged as the highest bidder for Bhushan Steel with a bid of Rs 35000 crore. JSW Steel was reportedly placed second with a bid of Rs 29700 crore. Bhushan Steel is one of the 12 large corporate accounts identified by the Reserve Bank of India (RBI) that accounted for almost 25% of exposure to bad loans for the entire banking sector, reports added.
Bhushan Steel reported net loss of Rs 1607.06 crore in Q3 December 2017 as against net loss of Rs 734.04 crore in Q3 December 2016. Net sales rose 17.53% to Rs 4244.29 crore in Q3 December 2017 over Q3 December 2016.
On a consolidated basis, net profit of Tata Steel rose 389.83% to Rs 1135.92 crore on 20.05% rise in net sales to Rs 33099.95 crore in Q3 December 2017 over Q3 December 2016.
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