Usha Martin shares surge 6% on plans to sell steel business

Shares of steel wire maker Usha Martin today jumped 6 per cent a day after the company said it is planning to sell its steel business.

The stock soared 5.93 per cent to close at Rs 31.25 on BSE. Intra-day, it jumped 11.86 per cent to Rs 33 -- its 52-week high.

At NSE, shares of the company rose by 4.39 per cent to end at Rs 30.90.

In terms of equity volume, 9.73 lakh shares of the company were traded on BSE and over 54 lakh shares changed hands at NSE during the day.

"The Board of Directors at its meeting has decided to explore the sale of its steel business in order to achieve the objective of deleveraging the company," Usha Martin said in a regulatory filing yesterday.

This is not the first time the company has made an announcement related to plans for selling its steel business.

Last year in September, Usha Martin had said it is contemplating to sell its wire rope or steel business for which it has appointed a consultant also.