The following was sent to the Paid Groups during the market hours: 'Bhushan Steel Ltd has a debt of around Rs.40, 000 crores and it is planning to raise only Rs.1000 crores in consultation with lenders from sale and lease-back of critical assets. The share is still trading around Rs.106. These kinds of companies should be avoided even if they suddenly start hitting the Upper Circuits. However, speculative bets can always be taken with strict stop losses'. The scrip closed at the Upper Circuits today (Rs.107). But as mentioned earlier, this is a pure speculative call and non-risk taking investors should not purchase such scrips.
Resurgere Mines and Minerals Ltd (Rs.1.59) is getting unnecessarily sold off, even as the company is contemplating to start mining in its Soapstone Mine, from the next week and is seeking government's approval for the Iron Ore Mine in Yelwan Jugai, Maharashtra and Bauxite Mine in Satarda, Maharashtra. The Company yet to start the mining activities in Mahalmiriya, Maharashtra . The leaseholder has failed to his commitments and company has filed litigation against the leaseholder. There is no turnover since last two years in the Company except negligible turnover from the soapstone mine of the company situated at Udaipur (Rajasthan). So, there are no movement in the Trade Payable, Creditor for Capital Goods, Capital work in progress, Inventories, Trade Receivables, Inter Corporate deposits and Mine Deposits. Company is in process for confirmation and reconciliation with the parties. Meanwhile, Chief Minister of Goa, Mr.Manohar Parrikar said that issue of granting mining leases under the state's mining policy would be placed before the cabinet on September 30.