MUMBAI: Shares of JSW Steel rose 5 per cent while Tata Steel was up 1.6 per cent on reports that these two companies have emerged as contenders for Bhushan Power & Steel, which went under hammer today.Senior officials from the banking circle said that the resolution professional received just two bids - JSW Steel and Tata Steel- till close of the day. "The resolution professional will evaluate the bid and present it before the lenders," said a bank official. Liquidation value refers to the worth of a company's assets if they are sold on a piecemeal basis and not as a going concern.Interestingly, JSW Steel and Tata Steel have also emerged as the most aggressive bidders for Bhushan Steel, another company that is facing bankruptcy proceedings.Bhushan Steel is owned by Neeraj Singhal while Bhushan Power and Steel is owned by Sanjay Singhal. JSW Steel closed 5 per cent up at Rs 304.65 after touching a high of 308. Bhushan Power & Steel is not a listed company.

Source: Economic Times February 08, 2018 12:56 UTC