India's Usha Martin locked in upper circuit; Tata Steel places bid - report

Usha Martin

08/06/2018 07:32

** Steel maker Usha Martin Ltd  USBL.NS  locked in upper
circuit, surging as much as 19.8 pct to 28.9 rupees - highest
since Jan 25
    ** Stock posts biggest intraday pct gain since January 2017
    ** Bigger rival Tata Steel Ltd  TISC.NS  has placed a bid of
60 bln rupees to buy Usha Martin, financial daily Business Line
reported https://www.thehindubusinessline.com/companies/with-6000-cr-bid-tata-steel-leads-race-to-buy-usha-martin/article24106662.ece?homepage=true,
 citing sources 
    ** JSW Steel Ltd  JSTL.NS  has offered 55 bln rupees, while
Vedanta Ltd  VDAN.NS  is also believed to be in race, the report
added
    ** JSW Steel declined to comment, while Tata Steel, Vedanta
and Usha Martin were not immediately available for comment
    ** More than 8 mln Usha Martin shares change hands, compared
with 30-day moving avg of 645,300

 ((Reuters Messaging:
tanvi.mehta.thomsonreuters.com@reuters.net))