September 24, 2018 / 4:24 AM / 3 months ago

BUZZ-India's Usha Martin surges on deal to sell steel business to Tata Steel

** Special steel and wire rope maker Usha Martin Ltd surges as much as 15 pct to 36 rupees, stock’s highest in a fortnight, on deal to sell steel business to Tata Steel Ltd

** Tata Steel said bit.ly/2O624rj on Saturday it had agreed to buy steel business of Usha Martin through a slump sale on a going concern basis for between 43 bln rupees and 47 bln rupees ($595.3 mln-$650.7 mln)

** More than 5 mln shares traded vs 30-day avg volume of around 2.7 mln

** Tata Steel marginally down at 0.57 pct

** Usha Martin has a P/Book of 1.31 vs sector avg of 2

** Usha Martin gained 26.2 pct this year as of last close, while Tata Steel shed 5.5 pct in the same period ($1 = 72.2300 Indian rupees)

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