Bhushan Steel strengthens on diversification

-

Bhushan Steel was down 0.65% to Rs 1032 at 12:03 IST on BSE, having recovered from session's low of Rs 988, on signing a memorandum of understanding with the Madhya Pradesh state government for investing Rs 4000 crore in the state.

The company made this announcement during market hours today, 15 February 2008.

Meanwhile, BSE Sensex was down 131.36 points or 0.74% to 17,635.27, on weak cues from the global markets. US stocks dropped on Thursday, 14 February 2008, as the credit crunch surfaced unexpectedly in the municipal bond market and after the Federal Reserve Chairman Ben Bernanke said that he sees sluggish economic growth ahead.

On BSE, 16,579 shares were traded in the counter. The scrip had an average daily volume of 53,861 shares in the past one quarter.

The stock hit a high of Rs 1035 so far during the day. The stock had a 52-week high of Rs 1730 on 7 January 2008 and a 52-week low of Rs 383.60 on 14 February 2007.

The mid-cap scrip had underperformed the market over the past one month till 14 February 2008, declining 28.30% compared to the Sensex's decline of 10.58%. It had outperformed the market in the past one quarter, declining 0.14% compared to Sensex's decline of 9.81%.

The company's current equity is Rs 42.47 crore. Face value per share is Rs 10.

The current price of Rs 1032 discounts its Q3 December 2007 annualized EPS of Rs 70.23, by a PE multiple of 14.69.

Bhushan Steel has signed the memorandum of understanding for setting up of manufacturing facilities in Madhya Pradesh with a 1 million metric tonnes per annum coke oven plant and a 5 million metric tonnes per annum cement plant.

Bhushan Steel's net profit rose 4% to Rs 74.57 crore on 1.8% fall in net sales to Rs 982.73 crore in Q3 December 2007 over Q3 December 2006.

Bhushan Steel makes cold rolled, galvanized and special steel and strips. It also produces angles and wire rods. The company's plants are located in Uttar Pradesh, Maharashtra and Orissa.

Popular posts from this blog

IOB capitalises on hike in stake by LIC

-
Indian Overseas Bank rose 1.53% to Rs 46.45 at 10:31 IST on BSE, after the biggest domestic instutional investors Life Insurance Corporation of India hiked its stake in the state-run bank. The bank made this announcement after trading hours on Wednesday, 25 March 2009. Meanwhile, the BSE Sensex was up 126.19 points, or 1.31%, to 9,794.09. On BSE, 31,003 shares were traded in the counter. The stock had an average daily volume of 1.93 lakh shares in the past one quarter. The stock hit a high of Rs 47 and a low of Rs 45.95 so far during the day. The stock hit a 52-week high of Rs 156.80 on 2 May 2008 and a 52-week low of Rs 37.55 on 9 March 2009. The mid-cap bank stock had underperformed the market over the past one month till 25 March 2009, falling 3.17% as compared to the Sensex's 8.60% rise. It had also underperformed the market in the past one quarter, declining 33.94% as compared to the Sensex's 1.04% rise. The bank's current equ The current price of ...
Read more

Lok Housing & Constructions builds on fund raising plans

-
Lok Housing & Constructions jumped 6.99% to Rs 107.90 at 11:20 IST on BSE ahead of a board meeting to consider fund raising options from both foreign and local market, including an institutional placement. Meanwhile, the BSE Sensex was down 50.50 points, or 0.30%, at 15203.73. On BSE, 1.86 lakh shares were traded in the counter. The scrip had an average daily volume of 4.74 lakh shares in the past one quarter. The stock hit a high of Rs 115 and a low of Rs 102 so far during the day. The stock had a 52-week high of Rs 390.50 on 1 January 2008 and a 52-week low of Rs 96.25 on 12 June 2008. The scrip had underperformed the market over the past one month till 12 June 2008, falling 26.55% compared to the Sensex's 10.18% decline. It had also underperformed the market in the past one quarter, falling 31.39% compared to Sensex's 3.24% fall. The small-cap housing projects developer has an equity capital of Rs 42.88 crore. Face value per share is Rs 10. The current...
Read more

economic times picks

-
CMP: Rs 70.50 Target Price: Rs 90 CLSA Asia-Pacific Markets maintains an 'outperform' on Jagran Prakashan, with a 12-month price target of Rs 90. "An economic slowdown notwithstanding, improving literacy and income levels in Hindi heartland imply that drivers for Jagran's growth are still in place. With a 35% ad rate hike in 2008, Jagran continues to narrow the gap with its more expensive English rivals," the foreign brokerage said in a client note, after a Q&A reply from the management. "Rising newsprint prices have made Jagran cautious on launching new editions in FY09 and its focus this year will be profitability. While management has budgeted for a minor increase in FY10 newsprint prices, it believes that prices are likely to peak in Q2FY08 and decline thereon," it added. Neyveli Lignite CMP: Rs 117.15 Target Price: Rs 160 MERRILL Lynch has maintained its 'neutral' rating on Neyveli Lignite, with a price target of Rs 160 ...
Read more