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

Press Trust of India  |  New Delhi 

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

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 in order to achieve the objective of deleveraging the company," 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

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

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, June 12 2018. 17:30 IST