Usha Martin's loss widens to Rs 73 cr

Steel and wire rope manufacturer Usha Martin Ltd's consolidated net loss widened to Rs 73.23 crore for the quarter ended June 30.

Its net loss in the April-June quarter of last fiscal was Rs 21.35 crore, Usha Martin Ltd said in a regulatory filing.

The total income from operations of the company declined to Rs 1,067.83 crore, over Rs 1,155.28 crore in the year-ago period.

The company's expenses dropped marginally to Rs 1,045.86 crore, over Rs 1,070.96 crore in the year-ago period, it said.

Usha Martin bagged Brinda and Sisai coal mines in Jharkhand having a total extractable reserves of 25.40 million tonnes (MT) in the second tranche of coal mine auction that happened earlier this year.

The company stock was trading at Rs 18.80, up 0.27 per cent, on the BSE.