The announcement was made during trading hours today, 3 December 2012.
Meanwhile, the BSE Sensex was down 33.18 points, or 0.17%, to 19,306.72.
On BSE, 1.96 lakh shares were traded in the counter as against an average daily volume of 77,098 shares in the past one quarter.
The stock hit a high of Rs 32.75 and a low of Rs 30.50 so far during the day. The stock had hit a 52-week high of Rs 43.25 on 22 February 2012. The stock had hit a 52-week low of Rs 21.80 on 12 December 2011.
The stock had outperformed the market over the past one month till 30 November 2012, rising 8.90% compared with the Sensex's 4.93% rise. The scrip had also outperformed the market in past one quarter, rising 32.18% as against Sensex's 10.25% rise.
The small-cap company has an equity capital of Rs 30.47 crore. Face value per share is Re 1.
Usha Martin said that its subsidiary, Usha Siam Steel Industries Public Company, has formed a 50:50 joint venture (JV) in Thailand with TESAC Wire ropes, a leading Japanese wire rope company of Kobe Steel Group.
The JV will have an annual capacity of 12,000 tons of high performance steel wire-ropes like elevator ropes, crane ropes etc.
It aims to meet the growing demand of Japanese elevator makers in ASEAN region, the company said in a statement.
As per the agreement signed on 27 November 2012, TESAC and Usha Martin group will have 50:50 shareholding in the JV. At a cost of 500 Baht ($17 million), the new plant will be set up on land adjacent to Usha Siam's existing plant in the Pathum Thani's Navanakorn Industrial Estate in Thailand. The plant will be operational in 2014 and the wire for the JV will be supplied by Usha Siam.
The JV with Usha Siam will be TESAC's first manufacturing base outside Japan. Both companies have been working together for more than a decade and aim to further strengthen their relationship through the JV, Usha Martin said.
On a consolidated basis, Usha Martin reported a net profit of Rs 22.85 crore in Q2 September 2012 as against a net loss of Rs 62.69 crore in Q2 September 2011. Net sales rose 13.5% to Rs 938.98 crore in Q2 September 2012 over Q2 September 2011.
Usha Martin is an integrated specialty steel company and one of the largest wire rope manufacturers globally.
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