Market Pulse

Buy Bhusan Steel Ltd at around Rs.34-35, for short term targets of Rs.47-51. There are media reports that the Tata Group is on the fray to buy Bhusan Energy Ltd and pay up its debt. It recently concluded the acquisition of Bhushan Steel Ltd through an insolvency court for Rs.35,200 crore.
Tatas have offered Rs.500-Rs.600 crore to settle the loans of about Rs.2,500 crore of Bhushan Energy, the second company owned by Neeraj Singhal that is facing bankruptcy proceedings. Singhal’s flagship Bhushan Steel was sold to Tata Steel last month under the bankruptcy law. 
Bhushan Energy’s plant is located within the premises of Bhushan Steel’s plant at Meramandali, Dhenkanal district in Odisha and was built primarily to power the steel plant and therefore makes economic sense for Tata to bid for it, said senior bank officials. 

Buy the shares of Jet Airways Ltd at around Rs.381, for short term targets of Rs.491. That  OPEC has decided to increase production might push the crude oil  prices a bit, which has been moving up since some months. 

Those who are holding the shares of Rohit Ferro Tech Ltd (Rs.2.70) can continue to hold with a SL at Rs.2.40. The NCLT is in look out for a buyer. 

You can start accumulating the shares of 63 Moons Technologies Ltd near the support of Rs.77-78. However, the best price to enter the scrip is always near Rs.67-71 region. 

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