India's Usha Martin surges on deal to sell steel business to Tata Steel

Usha Martin

24/09/2018 05:19

** Special steel and wire rope maker Usha Martin Ltd
 USBL.NS  surges as much as 15 pct to 36 rupees, stock's highest
in a fortnight, on deal to sell steel business to Tata Steel Ltd
 TISC.NS  
    ** Tata Steel said https://bit.ly/2O624rj on Saturday it had
agreed to buy steel business of Usha Martin through a slump sale
on a going concern basis for between 43 bln rupees and 47 bln
rupees ($595.3 mln-$650.7 mln)
    ** More than 5 mln shares traded vs 30-day avg volume of
around 2.7 mln
    ** Tata Steel marginally down at 0.57 pct
    ** Usha Martin has a P/Book of 1.31 vs sector avg of 2
    ** Usha Martin gained 26.2 pct this year as of last close,
while Tata Steel shed 5.5 pct in the same period
 ($1 = 72.2300 Indian rupees)

 ((arnab.paul@thomsonreuters.com@reuters.net))