Usha Martin on new tie-up

Usha Martin surged 5.11% to Rs 71 at 10.17 IST on BSE after the company said on Monday, 30 June 2008, it has formed a joint venture with BHP Billiton to exploring minerals in Jharkand.

The company made this announcement after trading hours yesterday, 30 June 2008.

The stock hit a high of Rs 72.45 and a low of Rs 70 so far during the day. The stock had a 52-week high of Rs 154.40 on 4 January 2008 and a low of Rs 44.85 on 17 August 2007.

The company has an equity capital of Rs 25.02 crore. Face value per share is Rs 1.

The current price of Rs 71 discounts its Q4 March 2008 annualised EPS of Rs 7.06, by a PE multiple of 10.06.

BHP Billiton is a diversified natural resources company. Its operations encompass a board range of commodities including aluminium, energy coals, metallurgical coal, copper, manganese, iron ore, uranium, nickel, diamonds, silver and titanium minerals, oil, gas and liquefied natural gas.

Ushar Martin's net profit rose 52.7% to Rs 44.31 crore on 22.7% increase in net sales to Rs 493.07 crore in Q4 March 2008 over Q4 March 2007.

Usha Martin is engaged in manufacturing and marketing steel wire rods and wire and wire ropes.