Usha Martin

As many as 35.7 million equity shares, representing 12.6 per cent of the total equity of Usha Martin, had changed hands on the NSE (34.5 mn) and BSE (1.2 mn) till 01:54 pm, exchange data showed.

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Usha Martin on Friday reported a marginal 1 per cent rise in consolidated profit after tax (PAT) to Rs 106.33 crore for the March quarter of FY24. The company had posted a PAT of Rs 105.32 crore in the year-ago period, Usha Martin said in a filing to the BSE. The consolidated income in the January-March period declined to Rs 838.5 crore from Rs 866.5 crore in the year-ago period. Commenting on the performance, Usha Martin Non-Executive Director Tapas Gangopadhyay said, "We have concluded the financial year 2023-24 on a positive note with our robust operating cash flows, reflecting strong performance." Despite facing macro-economic challenges, the company managed to generate an 18.6 per cent EBITDA margin during the year, he said. "Notably, our core wire ropes division continued to perform well and contributed 71 per cent to our overall consolidated revenues," Gangopadhyay added. Usha Martin is a leading specialty steel wire rope solutions provider.

Usha Martin on Tuesday posted a 28 per cent rise in its consolidated net profit at Rs 107.51 crore in the December quarter due to reduced expenses. It had clocked a profit of Rs 84.07 crore in the October-December period of 2022-23, the company said in an exchange filing. The company's total income fell to Rs 802.98 crore over Rs 838.03 crore a year ago. Its total expenses were trimmed to Rs 665.09 crore from Rs 731.28 crore in the third quarter of last fiscal. Usha Martin's wire rope manufacturing facilities in Ranchi, Hoshiarpur, Dubai, Bangkok and, the UK produce the widest range of wire ropes that find application in various industries across the world.

Usha Martin on Friday reported a 38.66 per cent rise in consolidated net profit to Rs 109.52 crore during the September quarter. It had clocked a net profit of Rs 78.98 crore in the year-ago period, the company said in a regulatory filing. The company's total income rose to Rs 806 crore over Rs 825.83 crore in the year-ago quarter. Its expenses were trimmed to Rs 664.77 crore in the second quarter of the current fiscal from Rs 729.48 crore a year ago. "The Board of Directors of the company has approved the removal (strike-off) of Usha Martin Power & Resources Ltd, non material wholly-owned subsidiary from the records of registrar of companies, West Bengal, subject to requisite approvals of regulatory authorities as applicable," the filing said. Usha Martin is a leading global manufacturer of wire ropes. Usha Martin's wire rope manufacturing facilities in Ranchi, Hoshiarpur, Dubai, Bangkok and the UK produce the widest range of wire ropes that find application in various industrie

Usha Martin International Limited (UMIL) has incorporated a wholly-owned subsidiary, Usha Martin Espana, SL, in Spain. Usha Martin Espana, SL will work in the area of distribution, manufacturing, sale and application of metallurgical products, high-performance wire ropes, LRPC strands, wires, pre-stressing accessories, machinery and cables, Usha Martin said in a regulatory filing on Tuesday. "Usha Martin Espana, SL has been formed as a wholly owned subsidiary of Usha Martin International Limited (UMIL), a wholly owned subsidiary of Usha Martin Limited," it said. UMIL has subscribed to the share capital of euros 3,000, with a face value of euro 1 per share. UMIL holds 100 per cent of the paid-up share capital of Usha Martin Espana, SL. Usha Martin Ltd is a leading global manufacturer of wire ropes with manufacturing facilities in Ranchi, Hoshiarpur, Dubai, Bangkok and the UK.

The stock price of Usha Martin surged 8% to Rs 198.75 on the BSE in the intra-day trade on Wednesday after 5.64 million equity shares had changed hands till 2:00 PM

The counter saw combined trading volumes of nearly 3 million shares on the BSE and NSE in morning trades so far.

The stock traded at its highest level since January 2008; the stock had hit a record high of Rs 154 on January 4, 2008.

Alleges several illegalities and non-compliance of the provisions of law by the directors and management in running the company

Mineral sold was meant for firm's captive use; attached properties pertain to Usha Martin's wire rope business, mines were transferred earlier to Tata Steel as part of steel biz sold

The two factions at the apex of Usha Martin's, of Basant-Prashant Jhawar and Brij-Rajeev Jhawar, have been at odds with each other for a while

They registered his statement under FEMA in connection with the purchase and registration of an immovable asset in Singapore in 2013 and a few other overseas transactions

Basant and Prashant Jhawar had been pressing for the sale of the entire company, even while discussion with Tata Steel was on for transfer of the steel business

A special resolution in this regard was passed with requisite majority at Usha Martin Limited's extraordinary general meeting

At June end, Usha Martin's debt stood at Rs 47 billion. The residual debt on the Usha Martin balance sheet would be just working capital of Rs 3-4 billion

Days after the Tata Steel deal, Basant and Prashant Jhawar had raised concerns about the utilisation of funds from the sale

The approval will be sought through special business in the extraordinary general meeting next month

Putting sales proceeds in such deals is a standard mechanism but not the only mechanism, industry experts said