Subsequent to de-allocation of coal mines by the Hon'ble Supreme Court of India, on February 15, 2015 Usha Martin Ltd participated in e-auction of Kathautia coal block which is being operated by the Company till March, 2015. At the last bid value of Rs. 2860 per tonne, the Company took a deliberate decision of not being part of such aggressive bidding for the same not having economic justification for DRI making.
The Company would make alternative arrangements for procurement of coal in short to medium term and would continue to have long term focus on, and to work to secure, cost effective and continuous availability of key raw materials as part of its business approach.
Shares of USHA MARTIN LTD. was last trading in BSE at Rs.28.3 as compared to the previous close of Rs. 29.05. The total number of shares traded during the day was 96091 in over 928 trades.
The stock hit an intraday high of Rs. 29.2 and intraday low of 28.2. The net turnover during the day was Rs. 2767223.