Usha Martin lost 1.53% to Rs 38.50 at 13:07 IST on BSE after the company said that its board will meet on 16 September 2014, to consider various fund raising options.
The announcement was made before market hours today, 12 September 2014.
Meanwhile, the S&P BSE Sensex was down 8.73 points or 0.03% at 26,987.14.
On BSE, so far 16,000 shares were traded in the counter as against average daily volume of 2.11 lakh shares in the past one quarter.
The stock hit a high of Rs 39.20 and a low of Rs 38.50 so far during the day. The stock had hit a 52-week low of Rs 20.60 on 30 September 2013. The stock had hit a 52-week high of Rs 47.40 on 26 May 2014.
The stock had underperformed the market over the past one month till 11 September 2014, sliding 11.24% compared with Sensex's 5.79% rise. The scrip had also underperformed the market in past one quarter, declining 6.24% as against Sensex's 5.97% rise.
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The small-cap company has equity capital of Rs 30.47 crore. Face value per share is Re 1.
Usha Martin said that its board of directors will meet on 16 September 2014, to consider various fund raising options, including but not limited to, issuance of equity shares/other related instruments by way of a rights issue.
Usha Martin reported a consolidated net loss of Rs 21.35 crore in Q1 June 2014 as against net profit of Rs 4.09 crore in Q1 June 2013. Net sales rose 24.4% to Rs 1155.28 crore in Q1 June 2014 over Q1 June 2013.
Usha Martin is an integrated specialty steel company and one of the largest wire rope manufacturers globally.
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