Sundaram Mutual Fund bought about 5.04 lakh shares on January 17 at Rs 178. The company recently completed its first year of iron ore mining operations, located in Jamshedpur, which will be used at its steel plant, which too is located in Jamshedpur having an annual requirement of half a million tonne of iron ore per annum.
Usha Martin is a leading producer of speciality steel, and is one of the largest wire rope manufacturers globally having manufacturing facilities in Ranchi, Jamshedpur, Hoshiarpur, UK, Thailand and UAE.
It has created a worldwide distribution, service and marketing network spread across the US, UK, Europe, Africa, the Middle East and the Far East. The stock trades at a price to earnings multuiple of 9.5 times its estimated earnings for FY07.