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
