The Hindu Business Line : Usha Martin plans stock split

Kolkata May 17 The Usha Martin board has proposed to reduce face value of the stock through a split. The present face value of the stock is Rs 5. This is planned to be split into five of Re 1 each.

The stock today saw price and volume appreciation following announcement of 2006-07 results.

The consolidated EPS grew by 45 per cent to Rs 30.32 and on standalone basis the EPS has improved to Rs 22.39 from Rs 16.06. The proposed dividend for 2006-07 is 75 per cent.

On the BSE, it closed at Rs 244.75 with a gain of 1.5 per cent and traded quantity increased to 2.04 lakh shares against the fortnightly average of 60,501 shares. On the NSE, some 4.08 lakh shares changed hands.

Change in shareholding

After recent completion of equity warrants conversion by the promoters, their holding in the company has undergone a change.

UMIL Share & Stock Broking Service Ltd's stake has gone up in April to around 17 per cent from 14.24 per cent as on March 31, 2007.

Usha Martin Finance Ltd, another promoter group outfit, has improved its holding to 6.44 per cent from 5.65 per cent. As a result, the combined holding of the promoters have gone up to about 47 per cent from 43.71 per cent as on March 31, 2007.

There are a total 31 individuals and entities of the promoter group who hold the stake in the company.