Usha Martin zooms 54% in 4 weeks; stock trades at over 14-year high

Shares of Usha Martin hit an over 14-year high of Rs 134.40, on soaring 8 per cent on the BSE in Wednesday’s intra-day trade extending it’s a month long rally. The stock of the wire rope manufacture has zoomed 54 per cent in the past one month as compared to a 4 per cent rise on the S&P BSE Sensex. The stock traded at its highest level since January 2008, when it hit a record high of Rs 154.

According to disclosure made by Usha Martin, the company’s promoter Peterhouse Investments sold 1.6 million equity shares or 0.52 per cent stake in the company thus far in March via open market deals.

Post transaction, Peterhouse Investments stake in the company decreased to 2.16 per cent from 2.68 per cent. The promoter group company held 6.54 per cent stake in Usha Martin at the end of December 2021 quarter. The names of the buyers were not ascertained immediately

Read More : https://www.business-standard.com/article/markets/usha-martin-zooms-54-in-4-weeks-stock-hits-over-14-year-high-122033000581_1.html

PM Narendra Modi inaugurates Girnar ropeway in Gujarat

Prime Minister Narendra Modi on Saturday digitally inaugurated the newly-built passenger ropeway service at Girnar in Junagadh district.

Built at the cost of ₹130 crore, the 2.3-km-long Girnar ropeway is believed to be among the longest ropeways in the world to connect a temple.

"Earlier, it used to take 5-7 hours to climb Girnar, but now it will take only 7-8 minutes. More devotees and tourists will visit Girnar. It will give a boost to adventure activities. I am also happy that the project will create more employment opportunities for local youths," the Prime Minister said in his video address.

Passenger ropeway developer, Usha Breco Limited constructed the Girnar ropeway in two years in spite of multiple challenges including tough terrain, and the Covid-19 pandemic.

Having nine towers, the ropeway comprises 25 cabins, including one glass-floored cabin, each having a capacity to carry eight passengers at a time. The ropeway has the capacity to carry 800 passengers in an hour, and 8,000 in a day. The two-way fare of the ropeway is ₹700, while the fare is ₹350 for children in the age group of 5-10. No fare will be charged for children under the age of five. There is also an option of availing a one-way ticket for ₹400.

This is Usha Breco’s eighth ropeway project after Maa Mansa Devi Shrine and Maa Chandi Devi in Haridwar, Pavagadh and Ambaji in Gujarat, Jatayupura and Malampuzha in Kerala, and Maa Tara Tarini in Odisha. These ropeways ferry more than 7 million people annually. The company is also in the process to develop ropeways at Shimla, Kullu, and Kangra in Himachal Pradesh.

Read More : https://www.thehindubusinessline.com/news/pm-narendra-modi-inaugurates-girnar-ropeway-in-gujarat/article32936928.ece

SSC recruitment scam: 222 people working without giving exams, says Bag Committee report

An investigation is underway into allegations of 'corruption' in SSC group C recruitment in West bengal. The report of retired Justice Ranjit Bag Committee was submitted to the Calcutta High Court today in the Group C recruitment corruption case of SSC. According to the court sources, the report highlighted the shortcomings and corruption in the recruitment process. The report said 381 people were issued letters of recommendation even after the expiry of their term. Out of the 381, 222 names were not on any panel or waiting list. They did not take part in the personality test. Because none of them passed the written test. The recommendation letter was issued with a scanned signature from the SSC office.

A total of 11 officials have been named in the report for their alleged involvement in corruption. An FIR can be lodged against 4 people if necessary. The Bag committee recommended a departmental inquiry against 6. The verdict in the case will be announced on May 18.

To Know More : https://zeenews.india.com/india/ssc-recruitment-scam-222-people-working-without-giving-exams-says-bag-committee-report-2463260.html