Bhushan Steel rose 5.54% to Rs 38.10 at 15:23 IST on BSE after the company said it has received the environment clearance from the Ministry of Environment, Government of India for an expansion project in Orissa.
The announcement was made during market hours today, 14 March 2016.Meanwhile, the S&P BSE Sensex was up 75.46 points or 0.31% at 24,793.45.
On BSE, so far 2.97 lakh shares were traded in the counter as against average daily volume of 1.01 lakh shares in the past one quarter. The stock hit a high of Rs 38.90 and a low of Rs 37.60 so far during the day. The stock had hit a 52-week high of Rs 89.60 on 12 March 2015. The stock had hit a 52-week low of Rs 32.50 on 12 February 2016. The stock had underperformed the market over the past one month till 11 March 2016, advancing 6.33% compared with the Sensex's 7.7% rise. The scrip had also underperformed the market in past one quarter, sliding 20.13% as against Sensex's 1.3% fall.
The small-cap company has equity capital of Rs 45.30 crore. Face value per share is Rs 2.
Bhushan Steel announced it has received the environment clearance from the Ministry of Environment, Government of India for addition of 7 million tonnes per annum (mtpa) pellet plant to the existing 5.6 mtpa integrated steel plant in Dhenkanal district in Orissa. The expansion project will involve an outlay of about Rs 3000 crore.
Bhushan Steel reported net loss of Rs 697.15 crore in Q3 December 2015, higher than net loss of Rs 454.24 crore in Q3 December 2014. Net sales rose 4.9% to Rs 2460.86 crore in Q3 December 2015 over Q3 December 2014.
Bhushan Steel is a manufacturer of cold rolled steel coils, hardened and tempered steel strips, galvanised and electrical steel strips.
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