Bhushan Steel is locked upper circuit of 20% at Rs 53.85 on BSE in early morning trade after media report suggested that the Tata Steel become the highest bidder for the company assets.
Till 09:21 am; a combined 2.22 million equity shares changed hands and there were pending buy orders for the 1.91 million shares on the BSE and NSE.
Tata Steel has overtaken JSW Steel and emerged as the highest bidder for Bhushan Steel. Tata Steel is said to have offered Rs 360 billion and the gap between the two bids could be Rs 100 billion, the Business Standard
reported quoting sources close to the development. CLICK HERE TO READ FULL REPORT.
The market price of Bhushan Steel had hit a multi-year low of Rs 39.35 on February 6, 2018, falling 63% from its 52-week high of Rs 103 hit on May 18, last year. The stock hit an all-time high of Rs 537 on October 22, 2010 in intra-day trade.
Tata Steel was trading 2.4% lower at Rs 672 after hitting a high of Rs 692 on BSE in intra-day trade. It touched an intra-day low of Rs 655 so far.