UML posts Rs 71cr loss for Q2

Usha Martin Ltd today reported Rs 71.80 crore loss for the second quarter.

Speciality steel and wire rope major Usha Martin Ltd today reported Rs 71.80 crore loss for the second quarter ended September 2011,on account of notional exchange loss of Rs 120.33 crore.

“The sudden sharp depreciation in rupee had led to the notional Rs 120 crore loss but the loans are of 5-7 years maturity so I do not think there will be no actual loss to us,” company’s managing director Rajeev Jhawar said here.

The company had posted Rs 686.31 crore turnover,up by 7.3 per cent during the period over the corresponding period.

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Speaking about recent flooding at Thailand,Jhawar said the group company,Usha Siam Steel Industries was non-operational and the loss of properties,material and profit will be assessed.

Beside,property,the profits are also been covered by the company and hence the company will not got affected by floods.

Meanwhile,speaking about the expansion,the Jhawar said the company was investing Rs 1020 crore by March 2013 to enhance the steel production to one million tonne at

Jamshedpur and steel wire production at Hoshiarpur from 800 tonne per month to 1000 tonne.

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