Usha Martin surges 6% as CCI clears sale of steel business

Shares of Usha Martin climbed over 6 per cent in early trade on Wednesday after the Competition Commission cleared Tata Sponge Iron's acquisition of the steel business of Usha Martin for Rs 4,300-4,700 crore.

Earlier, Usha Martin had said the sale of steel business to Tata Steel will help the company to significantly reduce its debt.

Usha Martin's steel business comprises the specialised 1 mtpa alloy-based manufacturing capacity in long products segment based in Jamshedpur, a producing iron-ore mine, a coal mine under development and captive power plants.


The scrip closed 7.19 per cent up at Rs 38.75 while the benchmark BSE Sensex closed 1.79 per cent higher at 35,779.07. It had opened at Rs 38.15 on the BSE against its previous closing of Rs 36.15.