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Usha Martin gains after exiting airline joint venture Dove Airlines

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Martin rose 1.38% to Rs 14.70 at 9:30 on after the company said it will divest its entire stake in its joint venture, Dove Airlines, for Rs 8.10 crore.

The announcement was made after market hours yesterday, 9 November 2015.

Meanwhile, the Sensex was down 154.64 points, or 0.59%, to 25,966.76.

On BSE, so far 2,027 shares were traded in the counter, compared with an average volume of 54,820 shares in the past one quarter.

The stock hit a high of Rs 15 and a low of Rs 14.40 so far during the day. The stock hit a 52-week high of Rs 34.45 on 13 November 2014. The stock hit a 52-week low of Rs 13.20 on 9 November 2015.

The stock had underperformed the market over the past one month till 9 November 2015, sliding 13.43% compared with 3.54% decline in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 23.68% as against Sensex's 7.49% decline.

The small-cap company has an equity capital of Rs 30.47 crore. Face value per share is Re 1.

Martin announced that it has agreed to divest its entire stake of 50% held in Dove Airlines (DAPL), a joint venture company for a consideration of Rs 8.10 crore subject to certain adjustments. The necessary share purchase agreement for the divestment has been signed by the company on 9 November 2015 and the transaction will be completed upon receipt of approval from Directorate General of Civil Aviation (DGCA), Government of India. Subsequent to such divestment, DAPL shall cease to be a joint venture of the company.

On a consolidated basis, Martin reported net loss of Rs 99.33 crore in Q2 September 2015 as against net loss of Rs 65.30 crore in Q2 September 2014. Net sales declined 12.52% to Rs 1012.99 crore in Q2 September 2015 over Q2 September 2014.

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

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First Published: Tue, November 10 2015. 09:33 IST