Usha Martin zooms 20% on coal block win, volumes up 23 times

NEW DELHI: Stocks of Usha Martin surged as much as 20 per cent in trade on Wednesday on reports the company has been awarded Brinda & Sasai coal block at a valuation of Rs 1804 per tonnes.

A total of 12.56 lakh shares exchanged hands so far on BSE, which were over 23 times the two-week average of 53,000 shares.

The manufacturer of steel and wire rope posted a loss of Rs 36 crore for the December quarter, compared with a net profit of Rs 15.43 crore in the corresponding quarter of last year.

Net sales rose modestly to Rs 1,076 crore during the quarter, compared with Rs 965 crore in the same period of previous year.