Bhushan steel gains 4.5 per cent

Bhushan steel gains 4.5 per cent
29/12/2017 , by , in ALLIED

Bhushan Steel was among the several companies under the insolvency resolution process whose stocks gained in an otherwise choppy session today. The stocks rose due to hope that the Lok Sabha would today pass a Bill amending the bankruptcy code.

The amendment is expected to allow more time to promoters of the struggling companies for repayment of dues.

So far today, nearly 2.7 mn shares of the company changed hands on the NSE, against the daily average of a little over 453,000 shares.

As per media reports, the government has introduced an amendment in the Lok Sabha, which will also allow promoters to participate in the resolution process.

The stock is currently trading at Rs65.4, up by Rs2.8 or 4.47% from its previous closing of Rs62.6 on the BSE. The scrip opened at Rs62.75 and has touched a high and low of Rs67.5 and Rs62.75, respectively.

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