Usha Martin recovers on bargain hunting

Usha Martin rose 3.09% to Rs 23.35 at 9:28 IST on BSE, with the stock recovering on bargain hunting after recent slide.

Meanwhile, the S&P BSE Sensex was up 98.81 points or 0.3% at 33,248.16.

On the BSE, 32,000 shares were traded on the counter so far as against the average daily volumes of 1.12 lakh shares in the past two weeks. The stock had hit a high of Rs 23.45 and a low of Rs 23 so far during the day.

Shares of Usha Martin had declined 6.59% in the preceding ten trading sessions to settle at Rs 22.65 yesterday, 30 November 2017, from its closing of Rs 24.25 on 16 November 2017.

Among recent updates, Usha Martin informed to the exchanges after trading hours yesterday, 30 November 2017 that ratings agency Credit Analysis and Research (CARE Ratings) has downgraded the rating of the company's short-term bank facilities of Rs 2275 crore from existing 'CARE A3' to 'CARE A4+'.

Usha Martin reported consolidated net loss of Rs 72.68 crore in Q2 September 2017, compared with net loss of Rs 68 crore in Q2 September 2016. Revenue from operations rose 10.13% to Rs 1122.87 crore in Q2 September 2017 over Q2 September 2016.

Post the applicability of Goods and Services Tax (GST) with effect from 1 July 2017, revenue from operations is disclosed net of GST. Accordingly, revenue from operations for Q2 September 2017 is not comparable to corresponding previous quarter.

Usha Martin, the flagship company of Kolkata-based Jhawar group, is a steel manufacturer with saleable steel capacity of around 1 million tonnes per annum.

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