Usha Martin falls 2% on report of acquisition of a plant by Tata Steel

Last Updated : Apr 09, 2019 11:19 AM IST | Source: Moneycontrol.com






At 1007 hrs, Usha Martin was quoting Rs 40, down 1.6 percent on the BSE.












Shares of Usha Martin fell nearly 2 percent intraday on April 9 on the back of reports that Tata Steel will take over the company’s Jamshedpur steel plant.

According to a report in The Economic Times, the deal is worth Rs 4,600 crore and was agreed upon in September last year.

Reports further suggest that the proceeds from the deal will be in an SBI escrow account and will be utilised to repay the wire rope manufacturer’s debt. All employees of Usha Martin will also be transferred as part of the divestment.

The company also announced the appointment of Anirban Sanyal as Chief Financial Officer, who will replace Rohit Nanda w.e.f. April 9

At 1007 hrs, Usha Martin was quoting Rs 40, down 1.6 percent on the BSE.



First Published on Apr 9, 2019 11:19 am









































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Author: Prakash Poojary

Business Analyst

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