Bhushan Steel

Bankers order forensic audit of Bhushan Steel

Bhushan-SteelNew Delhi: Cracking the whip on cash-starved Bhushan Steel, a consortium of bankers Monday ordered a forensic audit into the books of account of the company and asked its promoters to infuse more capital to ensure that it remains solvent.

The decision was taken at a lenders meeting Monday to take a stock of the situation following the arrest of Bhushan Steel Vice Chairman and Managing Director Neeraj Singal by the CBI in an alleged cash for loan scam involving Syndicate Bank Chairman S K Jain.

Lenders may tighten screws on Bhushan Steel, decision on Aug 18

Bhushan SteelNew Delhi : With Rs 40,000 crore exposure to cash-strapped Bhushan Steel, PNB-led bank consortium will meet on August 18 to decide future course of action including setting up a team for day-to-day monitoring of financial affairs of the firm whose MD is embroiled in a bribery case.

"Banks, which together have exposure of about Rs 40,000 crore, will appoint a consultant to conduct forensic audit to ascertain if there was siphoning of bank loans," sources said.

Besides, a decision to station a team of bank nominees to monitor financial affairs at the company would be taken in the consortium meeting on August 18, sources said.

Odisha speeds up verification of Bhushan plant workers

Bhushan-Steel-LtdBhubaneswar, Nov 23 : Authorities here Saturday speeded up the verification of workers who were allegedly present at the steel plant of Bhushan Steel Ltd. in Odisha's Dhenkanal district during a blast furnace explosion over a week ago.

At least 35 labour contractors and placement agencies supplied labourers to the plant. The workers belong to Odisha, Bihar, Jharkhand, Chhattisgarh, Tamil Nadu and Andhra Pradesh, a senior district administrative official told IANS.

According to the labour contractors and placement agencies as many as 974 workers were engaged at the site on that day, he said.

Bhushan Steel Plant workers raise doubt over number of deaths in recent fire

Bhushan Steel Plant workers raise doubt over number of deaths in recent fire The recent fire calamity at Dhenkanal-based Bhushan Steel Plant is widely believed to have claimed many more lives than confirmed by the plant's management.

The management of Bhushan Steel Plant yesterday said one person was killed and 19 others were injured in the fire that broke out after a blast in a furnace of the plant.

Bhushan Steel to double Odisha plant capacity

Bhushan-Steel-LimitedBhubaneswar, May 25 : Indian steelmaker Bhushan Steel Limited (BSL) Saturday said it was all set to double the annual capacity of its steel plant in Odisha to six million tonne by the end of this year.

The plant at Meramandali in Dhenkanal district, about 150 km from state capital Bhubaneswar, was commissioned in 2006. It has an annual output of three million tonnes.

In the first phase, the company invested Rs. 5,828.15 crore in the plant.

Bhushan Steel Ltd Book Profit Research by FairWealth Securities

Bhushan Steel Ltd Book Profit Research by PINC ResearchWe recommend our clients to book profit in Bhushan Steel Ltd (BSL) at Rs 431. ‘Fundamental BUY’ call was given at Rs 360 on 09th Feb, 2011 and the stock has almost given 20% return from this level. Higher raw material prices (~35% rise) are likely to hit margins by 300-500bps coupled with uncertain demand prevailing in the industry due to high interest rate environment in Indian economy.

Rationale

Buy Bhushan Steel With Stop Loss Of Rs 399

Buy Bhushan Steel With Stop Loss Of Rs 399IIFL is bullish on Bhushan Steel and has maintained 'buy' rating on the stock in its latest research report.

According to IIFL research report, the interested investors can buy the stock to achieve a target of Rs 425

The research report said that the interested investors can buy the stock above Rs 407 with stop loss of Rs 399.

Today, the stock of the company opened at Rs 406 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 545 and a low of Rs 254 on BSE.

Buy Bhushan Steel With Target Of Rs 436

Buy Bhushan Steel With Target Of Rs 436Technical analyst Rajesh Satpute has maintained 'buy' rating on Bhushan Steel Limited stock with a target of Rs 436.

Mr. Satpute said that the investors can buy the stock with a stop loss of Rs 415.

The stock of the company, on January 17, closed at Rs 414.40 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 545 and a low of Rs 254 on BSE.

Current EPS & P/E ratio stood at 43.94 and 9.52 respectively.

Buy Call Bhushan Steel Ltd : Fairwealth Securities Limited

Bhushan-SteelBhushan Steel (BSL), India's leading value-added steel producer, has extended its presence in the steel value chain with the commissioning of its
1.9mt HR steel capacity.

KEY INVESTMENT RATIONALE:

Moving up the Value Chain: From being a mere convertor, the company is planning to move up the value chain to a fully integrated primary steel producer by indulging itself into a major backward integration cum expansion project in Orissa in three Phases.

Buy Bhushan Steel With Stop Loss Of Rs 426

Bhushan SteelTechnical analyst Pradeep Surekha has maintained 'buy' rating on Bhushan Steel Limited stock with a target of Rs 456.

According to analyst, the stock can be purchased with a stop loss of Rs 426.

The stock of the company, on December 14, closed at Rs 432.85 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 545 and a low of Rs 254 on BSE.

Current EPS & P/E ratio stood 43.94 and 10.05 respectively.

Sell Bhushan Steel With Stop Loss Of Rs 500

Sell Bhushan Steel With Stop Loss Of Rs 500Stock market analyst Kunal Saraogi has maintained 'sell' rating on Bhushan Steel Limited stock with a target of Rs 435.

Mr. Saraogi said that the investors can sell the stock a stop loss of Rs 500.

After selling the stock, the interested investors can buy the stock on declines with medium and long term target.

Today, the stock of the company opened at Rs 483 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 545 and a low of Rs 254 on BSE.

Margins expand on captive HRC; benefits factored in price

Bhushan SteelBhushan Steel's Q2FY11 revenue at Rs17bn grew 32% YoY, mainly as sales volume surged 22% YoY to 413kt on sale of 49kt of HRC from Orissa phase-II (1.9mntpa HRC), still under trial production. Operating profit rose 43% YoY to Rs4.9bn as OPM expanded 207bps to 28.5% mainly due to partial captive consumption of HRC (154kt out of total HRC requirement of ~350kt). PAT grew 37% YoY to Rs2.6bn.

Bhushan Steel plans to raise $500 million

Bhushan Steel plans to raise $500 millionBhushan Steel has announced that it has decided to raise funds worth $500 million from the market. And this raising of funds may take place in this financial year itself. The basic aim of this fund raise is to finance the company’s greenfield projects.

As per the company officials the amount will be raised in one or more trenches. They have confirmed that the fund will be raised both form domestic and international markets.

It may involve one or several currencies. Bhushan Steel has informed this fact in a statement.

Bhushan Steel's net profit surges 92.88%

Bhushan Steel's net profit surges 92.88%India's leading steel company, Bhushan Steel has declared its fourth quarter financial results for the fiscal year 2009-10 and has managed to post a striking net profit and revenue just like the other steel companies in the country.

The company has posted a net profit of Rs 240.93 crore for the quarter that ended in 31st March, 2010. This net profit figure has grown up by 92.88 % as compared to the same quarter in the preceding year.

Buy Bhushan Steel For Target Rs 1350

Bhushan SteelStock market analysts are of the view that investors can buy Bhushan Steel Ltd stock to achieve an intraday target of Rs 1350.

According to them, investors can buy the stock with a strict stop loss of Rs 1315.

If the stock markets remain on the positive path then the stock price will hit a target above Rs 1352.

Shares of the company, on Monday (Dec 11), closed at Rs 1337 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 1448.70 and a low of Rs 260.05 on BSE.

Current EPS & P/E ratio of the stock stood at 117.31 & 11.70 respectively.

Buy Bhushan Steel For Short Term: Hitendra Vasudeo

BhushanStock market analyst Hitendra Vasudeo of stockmechanics. com maintained 'Buy' rating on Bhushan Steel Ltd to achieve a short term target of Rs 1444.

According to Mr. Vasudeo, interested investors can buy the stock around Rs 1356-1332 with a strict stop loss of Rs 825.

Today, the shares of the company opened at Rs 1362.80 on the Bombay Stock Exchange (BSE). Current EPS & P/E ratio stood at 117.31 & 11.64 respectively.

The share price has seen a 52-week high of Rs 1430 and a low of Rs 260.05 on BSE.

Bhushan Steel picks 60% stake in Bowen Energy

Bhushan SteelBhushan Steel (Australia), part of Delhi-based Bhushan Steel group, has picked a 60% stake in Australian exploration company, Bowen Energy.

Bowen Energy has 2,400 sq km of prime exploration ground in the heart of the Bowen basin, close to major mines operated by BHP, Rio Tinto, Xstrata and Anglo Coal. In addition, it has 4-5 licenses for thermal and coking coal.

It should be noted that the remaining 40% stake of Bowen Energy is presently with its institutions.

Bhushan Steel has given over 160% of return to its investors in past six month. The scrip of the company closed on Friday at Rs 1126 on BSE.

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