India's Usha Martin jumps as competition regulator okays steel business sale

Tata Steel Long Products

12/12/2018 05:30

** Shares of special steel and wire rope maker Usha Martin
Ltd  USBL.NS  jump as much as 10.2 pct to 39.95 rupees, their
highest since Dec 4
    ** Competition Commission Of India on Tuesday approved
acquisition of co's steel division by Tata Sponge Iron Ltd
 TTSP.NS   urn:newsml:reuters.com:*:nFWN1YG0FE
    ** Tata Sponge Iron's parent company, Tata Steel Ltd
 TISC.NS , said in Sept it would buy Usha Martin's steel
business through a slump sale on a going concern basis for
between 43 bln rupees and 47 bln rupees  urn:newsml:reuters.com:*:nL4N1WA1XT
    ** Usha Martin's stock posts biggest intraday pct gain since
Nov 5
    ** More than 835,600 shares change hands, compared with
30-day avg volume of around 2.2 mln
    ** Tata Sponge Iron's shares rise as much as 1.8 pct, while
Tata Steel climbs 3.8 pct
    ** Usha Martin's stock had gained 46.2 pct this year as of
last close, while Tata Sponge had shed 24.4 pct in the same
period

 ((harish.bhaskar.thomsonreuters.com@reuters.net))