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Bhushan Steel surges 20% after Tata Steel’s highest bid

Bhushan Steel hit the upper circuit of 20 per cent on Monday..

Bhushan Steel hit the upper circuit of 20 per cent on Monday on news reports that Tata Steel emerged as the highest bidder for the debt-heavy company with a bid of Rs 36,000 crore.

The scrip jumped 19.93 per cent to Rs 53.85 on Monday.

Bhushan Steel and Bhushan Power were among the 12 non-performing accounts referred by the Reserve Bank of India for the National Company Law Tribunal (NCLT) proceedings, which owe Rs 44,478 crore and 38,248 crore, respectively, to their lenders.

The insolvency process was filed by State Bank of India (SBI), the lead bank of the consortium of lenders, in the case of Bhushan Steel while a similar plea was filed by Punjab National Bank (PNB) against Bhushan Steel and Power.

Acquisition of Bhushan Steel and Bhushan Power and Steel could hand Tata Steel almost 50 per cent share in the domestic market for flat-steel products.

Bhushan Steel had hit a 52-week high of Rs 102.80 on May 18 last year and 52-week low of Rs 39.35 on February 6, 2018.

On the other hand, Tata Steel was trading 3.09 per cent down at Rs 667 in the morning trade in a weak Mumbai market where benchmark BSE Sensex was down 128 points, or 0.38 per cent, at 33,882.

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