Usha Martin turns volatile after winning Brinda & Sasai coal mine

Usha Martin rose 0.17% to Rs 28.70 at 15:30 IST on BSE after the result on Coal Ministry website showed that the company has submitted closing bid of Rs 1804 per metric tonne for Brinda & Sasai coal mine in e-auction held today, 4 March 2015.

Coal Ministry made the announcement during market hours today, 4 March 2014.

Meanwhile, the BSE Sensex was down 213 points, or 0.72%, to 29,380.73.

On BSE, 24.58 lakh shares were traded in the counter, compared with an average volume of 45,111 shares in the past one quarter.

The stock was volatile. At the day's high of Rs 34.35, the stock jumped 19.89% and at the day's low of Rs 28.40, the stock dropped 0.87%. The stock hit a 52-week high of Rs 47.40 on 26 May 2014. The stock hit a 52-week low of Rs 21.25 on 10 October 2014.

Brinda and Sasai Coal mine has end use for iron & steel, cement and coal preparation plant (CPP). Closing bid is inclusive of fixed rate of Rs 100 per tonne of coal extracted and forward mode of e-auction was adopted. E-auction of schedule III mines has started today, 4 March 2015 and will end on 9 March 2015.

Usha Martin is wire rope manufacturer and a leading speciality steel producer in India.

Powered by Capital Market - Live News