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Business News

Usha Martin's third quarter profit drops 31 percent

Kolkata: Speciality steel and wire rope manufacturer Usha Martin has posted a net profit of Rs.18.42 crore for the third quarter, compared to Rs.26.74 crore in corresponding period last fiscal, the company said today. This is a drop of 31.11 percent. In a regulatory statement, it also said that the company board has approved raising an amount not exceeding Rs.500 crore by issue of fully paid equity shares of Rs.1 each to qualified institutional buyers. (IANS)