Usha Martin spirals up as mining operations kick off

DALAL STREET SPIKES

Usha Martin, moved up 2.24 per cent to Rs 193.70 on BSE and recorded an intra-day high of Rs 203. Usha Martin is a producer of speciality steel and wire rope.

The rise was on back of the company's announcement about the commencement of iron ore mining operations near its steel plant at Jamshedpur. 3.2 lakh shares were traded on BSE. The stock had touched a 52-week high of Rs 229 on September 15, from a low of Rs 155 on September 9.

According to the company, the iron ore reserves at its site are suitable for blast furnace as well as sponge iron. Moreover, it has set up a captive railway siding and crushing screening plant to process iron ore.