Usha Martin declines on reporting weak FY12 numbers

Usha Martin is currently trading at Rs. 26.25, down by 0.40 points or 1.50% from its previous closing of Rs. 26.65 on the BSE.

The scrip opened at Rs. 26.00 and has touched a high and low of Rs. 26.25 and Rs. 25.25 respectively. So far 44192 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 1 has touched a 52 week high of Rs. 61.50 on 12-May-2011 and a 52 week low of Rs. 21.80 on 12-Dec-2011.

Last one week high and low of the scrip stood at Rs. 28.70 and Rs. 25.25 respectively. The current market cap of the company is Rs. 792.33 crore.

The promoters holding in the company stood at 40.41 % while Institutions and Non-Institutions held 38.05 % and 18.90 % respectively.

Speciality steel and wire maker Usha Martin has registered a wobbling 97.37% fall in consolidated net profit at Rs 3.61 crore for the fiscal ended March 31, 2012. The company had posted a net profit of Rs 137.03 crore in 2010-11.

For the fourth quarter ended March 31, 2012, the company registered a consolidated net profit of Rs 14.91 crore, down 58.76% as compared to Rs 36.15 crore over the corresponding period.

The overseas business was impacted due to global crisis, but at EBITA level it had contributed close to Rs 80 crore. The company is projecting a production growth of 40% in steel production and 10-11% in wire ropes during the year.