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Usha Martin Ltd to get impacted by cancellation of coal block

Posted On: 2014-09-26 21:35:39

The Exchange had sought clarification from Usha Martin Ltd with respect to the media reports titled "SC cancels all but four coal block allocations" appearing in Business Standard on September 25, 2014.

Usha Martin Ltd has said that as per order of Hon'ble Supreme Court of India, the Company's operating coal mine at Kathautia, Daltonganj in the State of Jharkhand allotted in 2003 by the Government with initial estimated deposit of 30 Mn T and annual production of 800,000 T stands cancelled.

As per this order, the Company will have to wind up its operations and handover the mine to the Government by March, 2015. Also, the Company will be required to pay to the Government @ Rs.295 per MT on its coal production including about 2 Mn T upto March'14.

Post de-allocation, the Company will meet its requirement of coal from alternative sources which will impact its cost of production and profitability. The extent of such impact would be worked out in due course. The Company would wait to develop clarity about process of handover and about investments it has made to make the coal mine operative. To the extent of non/under recovery, such investments may have to be written off.

The other coal block viz. Lohari coal block, which was allotted to the Company but yet to be made operational, would also be cancelled as per Supreme Court order.

Shares of USHA MARTIN LTD. was last trading in BSE at Rs.21.7 as compared to the previous close of Rs. 24.05. The total number of shares traded during the day was 475780 in over 3069 trades.

The stock hit an intraday high of Rs. 23.05 and intraday low of 21.65. The net turnover during the day was Rs. 10562575.

Source: Equity Bulls

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