Alliance with Japanese firm spurs Usher Agro

DALAL STREET SPIKES

Agro-processing company Usher Agro surged 12 per cent on Wednesday to close at Rs 191.90 after the company entered into an MoU with Japan-based Satake Corporation for expansion of its rice-milling capacity by 1 million tonnes.

Satake will be providing the plant and machinery for the interest-free credit period of three years to Usher Agro, along with the technical know-how for better use of by-products of rice. The stock touched an intraday high of Rs 192.42 and a low of Rs 172.80, with trading volumes of 41,12,803 shares.