Bhushan Steel Eyes Rs 28k Crore Plant In Karnataka (02-Mar-2010)
Bhushan Steel is quite bullish in making investment in setting up steel plant as the the company has lined up Rs 28,000 crore in order to build a 6 lakh tonnes steel plant in the Bellary region of Karnataka.
In this region, the other large steel makers, including ArcelorMittal and Posco are also eyeing to build steel projects.
According to the company''s executive, the company is waiting for a clear policy on the allocation of mine before taking the final call. He also added that it was a proposal that followed an earlier invitation from the government of Karanataka.
Bhushan Steel is currently trading at Rs.1667.1, up by 4.25%.
The stock hit an intraday high of Rs.1670 till now, as against the 52-week high of Rs.1718.The stock hit a low of Rs.1615.25 during the day. The stock had hit a 52-week low of Rs.273.25 on March 2, 2009.
The stock opens at Rs.1662 at BSE. The total traded volume of the scrip on BSE till now stood at 72430.
Meanwhile today, the BSE Sensex is trading up by 359.47 points, or 2.19% , at 16789.02 on 3:28 PM.
Meanwhile today, the NSE Nifty is trading up by 94.15 points, or 1.91% , at 5016.45.
Bhushan Steel has an equity capital of Rs 42.47 crore as of 2009 Dec. The face value per share is Rs 10. At the current price of Rs 1667.1, the P/E multiple stood at 16.7657970079439 with book Value of 477.51 and P/BV at 3.49.
The total shareholding pattern of the company as on Dec 2009 stood at Promoters- 69.15%, Institutional Investors- 3.51%, General Public- 3.53% and other investors- 23.81%.
Considering the current price of Rs. 1667.1 at 3:28:00 PM , the stock had outperformed the market over the past one month till 02/03/2010 surged 5.19% as compared to the Sensex''s return of 2.65% and NSE Nifty''s 2.65 % returns.
Considering the current price of Rs. 1667.1 at 3:28:00 PM , the stock had outperformed the market over the past one quarter till 02/03/2010 surged 25.84% as compared to the Sensex''s return of -2.31% and NSE Nifty''s -2.31 % returns.
Meanwhile, Bhushan Steel is working to complete the second phase of the same capacity by 2012.
The company last month had commissioned a 2.5 million tonne blast furnace at its Orissa plant,
Apart from Orissa, the company is also eyeing to set up a 6 million tonne steel plant in West Bengal in association with Sumitomo Metal Industries, Japan.
The company mainly produces cold rolled as well as galvanized and special steel and strips. There is also production of angles and wire rods which are needed in the automobile and white goods sector.
Bhushan Steel is India''s 3rd largest Secondary steel Producer company. At the moment the company has three manufacturing units which include Uttar Pradesh , Maharashtra and Orissa.
Top News Today
 Godrej Properties, Mumbai based real estate developer launched its new residential project Godrej Alpine in Mangalore. It aims to complete 499-apartment Godrej Alpine for occupation in 36 months. Godrej
 Mahindra & Mahindra, auto major has stopped the second phase of booking for its latest sports utility vehicle XUV500. It has received over 25,000 orders in a period of 10 days from January 25 to February
 Reliance Power, the Anil Ambani group company's 2,400-MW Samalkot plant in Andhra Pradesh is likely to be ready for electricity generation this fiscal. It will install six gas turbines at the plant having
|
International Stock News
 The US markets rose on Monday, sending the Dow industrials to their highest close since 2008, as Greece's government made progress on measures to secure international aid. Also, a Labor Department report
 The US markets made a mix closing on Thursday, as a drop in jobless claims fueled optimism about the economy and investors looked to the next day's employment report as the next indicator of the economic
 The US markets made a mixed closing on Tuesday, with the indices mostly slipping after US economic data failed to live up to expectation. The reports showed that American consumer confidence trailed estimates
|
|
|