Usha Martin advances after clarification on media reports

Usha Martin jumped 4.97% to Rs 20.05 at 15:22 IST on BSE after the company issued a clarification to the stock exchanges with regard to media reports surrounding the loans extended to Usha Martin group.

The announcement was made after market hours yesterday, 13 March 2018.

Meanwhile, the S&P BSE Sensex was down 16.92 points or 0.05% at 33,839.86. The S&P BSE Small-Cap index rose 0.09%, outperforming the Sensex.

On the BSE, 1.81 lakh shares were traded on the counter so far as against the average daily volumes of 3.52 lakh shares in the past one quarter. The stock had hit a high of Rs 20.35 and a low of Rs 18.05 so far during the day. The stock had hit a 52-week high of Rs 32.30 on 15 January 2018 and a 52-week low of Rs 17 on 2 June 2017.

The small-cap company has equity capital of Rs 30.47 crore. Face value per share is Rs 1.

Usha Martin issued a clarification to the stock exchanges with respect to media news article captioned "Enforcement Directorate, SFIO waded into Rs 54-bn loans to Usha Martin group". The company said it has not been contacted by either SFIO or Enforcement Directorate in respect of any investigation into the loans granted to the company by its lenders and therefore, to the best of its knowledge and understanding no such investigation is going on.

On a consolidated basis, Usha Martin reported net loss of Rs 111.07 crore in Q3 December 2017, compared with net loss of Rs 109.37 crore in Q3 December 2016. Net sales rose 21% to Rs 1126.84 crore in Q3 December 2017 over Q3 December 2016.

Usha Martin is one of the largest manufacturers of wire ropes in the world and leading specialty steel manufacturer in India.

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