The announcement was made after market hours yesterday, 11 June 2018.

Meanwhile, the S&P BSE Sensex was up 51.53 points, or 0.15% to 35,535.

On the BSE, 4.72 lakh shares were traded in the counter so far compared with average daily volumes of 4.39 lakh shares in the past two weeks. The stock had hit a high of Rs 33 so far during the day, which is also a 52-week high for the counter. The stock had hit a low of Rs 30.80 so far during the day. The stock hit a 52-week low of Rs 17.70 on 27 June 2017.

Usha Martin announced that its board has decided to explore the sale of its steel business in order to achieve the objective of deleveraging the company. The board reconstituted the committee of independent directors of the company to appoint investment banks, consultants and advisors to help evaluate proposals and oversee the process for sale of steel business of the company.

Any actual sale of the business will only be undertaken by the company after due consideration and by following due process of law by obtaining appropriate approvals from the board, regulators, shareholders and lenders, as applicable, the company said.

On a consolidated basis, Usha Martin reported net profit of Rs 12.58 crore in Q4 March 2018 as against net loss of Rs 147.89 crore in Q4 March 2017. Net sales rose 30.02% to Rs 1319.83 crore in Q4 March 2018 over Q4 March 2017.

Usha Martin is amongst the largest wire rope manufacturer in the world and a leading speciality steel producer in India.

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Panacea Biotec Ltd, Euro Ceramics Ltd, Bella Casa Fashion & Retail Ltd and 8K Miles Software Services Ltd are among the other gainers in the BSE's 'B' group today, 22 May 2018.

Usha Martin Ltd spiked 13.21% to Rs 24.85 at 12:09 IST. The stock was the biggest gainer in the BSE's 'B' group. On the BSE, 3.2 lakh shares were traded on the counter so far as against the average daily volumes of 42713 shares in the past one month.

Panacea Biotec Ltd surged 12.71% to Rs 262. The stock was the second biggest gainer in 'B' group. On the BSE, 14148 shares were traded on the counter so far as against the average daily volumes of 15358 shares in the past one month.

Euro Ceramics Ltd soared 12.65% to Rs 3.65. The stock was the third biggest gainer in 'B' group. On the BSE, 7528 shares were traded on the counter so far as against the average daily volumes of 13354 shares in the past one month.

Bella Casa Fashion & Retail Ltd advanced 11.91% to Rs 187. The stock was the fourth biggest gainer in 'B' group. On the BSE, 51 shares were traded on the counter so far as against the average daily volumes of 779 shares in the past one month.

8K Miles Software Services Ltd added 11.81% to Rs 593.7. The stock was the fifth biggest gainer in 'B' group. On the BSE, 75910 shares were traded on the counter so far as against the average daily volumes of 40960 shares in the past one month.

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Net profit of Usha Martin reported to Rs 13.35 crore in the quarter ended March 2018 as against net loss of Rs 149.03 crore during the previous quarter ended March 2017. Sales rose 34.99% to Rs 1162.09 crore in the quarter ended March 2018 as against Rs 860.86 crore during the previous quarter ended March 2017.

For the full year,net loss reported to Rs 282.34 crore in the year ended March 2018 as against net loss of Rs 354.95 crore during the previous year ended March 2017. Sales rose 24.41% to Rs 4038.97 crore in the year ended March 2018 as against Rs 3246.54 crore during the previous year ended March 2017.

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Net profit of Usha Martin reported to Rs 12.58 crore in the quarter ended March 2018 as against net loss of Rs 147.89 crore during the previous quarter ended March 2017. Sales rose 30.02% to Rs 1319.83 crore in the quarter ended March 2018 as against Rs 1015.10 crore during the previous quarter ended March 2017.

For the full year,net loss reported to Rs 267.95 crore in the year ended March 2018 as against net loss of Rs 357.56 crore during the previous year ended March 2017. Sales rose 19.99% to Rs 4657.78 crore in the year ended March 2018 as against Rs 3881.94 crore during the previous year ended March 2017.

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