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Last Updated : Sep 24, 2018 09:30 AM IST | Source: Moneycontrol.com

Usha Martin jumps close to 3% in early trade after deal with Tata Steel

Tata Steel is set to buy Usha Martin's steel unit.

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Shares of  Usha Martin jumped about 8 percent at open after the company signed an agreement with Tata Steel.

Tata Steel on Saturday said it will acquire Usha Martin's steel unit, but did not specify the deal amount.

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Shares of Usha Martin closed in on 52-week high of Rs 36.40. But the stock cooled off soon after.

Sources told Moneycontrol that the deal could be pegged at around Rs 4,600 crore.

"The closing of the acquisition is subject to fulfilment of various conditions under the agreements. The parties shall jointly work towards fulfilment of conditions precedent," Tata Steel said in a statement.

Usha Martin's steel business includes a manufacturing unit in Jamshedpur, a producing iron-ore mine, a coal mine under development and captive power plants.

At 09:19 hrs, Tata Steel was quoting at Rs 619.05, down 0.88 percent from the previous close.

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First Published on Sep 24, 2018 09:30 am
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