Over the past six months, Usha Martin Ltd. has had a return of 110.03 percent. As a result, the benchmark Nifty50 index, which provided a return of 0.51 percent during the same period, was significantly outperformed.
In the opening hours of trading on Monday, shares in Usha Martin spiked to their highest level in a year. The stock increased 14.76% from its previous closing of Rs 172.05. to reach its 52-week high of Rs 197.45. 1.61 lakh shares were traded in total today.
On June 12, Motilal Oswal Mutual Fund (MOSTF30) purchased 18.5 lakh shares of the producer of wire rope through an open market transaction for a total of Rs 50 crore at an average price of Rs 270.12 per share.
Usha Martin Ltd announced the cessation of Whole Time Director (WTD) in a corporate filing with the BSE on June 5, 2023, stating that “the board has placed on record its appreciation for the valuable services, guidance, and support extended by Mr. Dhrub Jyoti Basu during his tenure as a Whole-time Director (WTD) of the company.”
The 14-day relative strength index (RSI) for Maruti was 77.01. A value less than 30 is considered oversold, while a value more than 70 is considered overbought. The stock of the corporation has a price-to-equity (P/E) ratio of 22.46.
Over the last six months, Usha Martin Ltd has returned 110.03 percent. As a result, it has outperformed the benchmark Nifty50 index, which has returned 0.51 percent during the same time period.
A daily close over Rs 186 could lead to Rs 206 in the following days, but this rally should be utilised to book profits. “Rs 167 will provide strong support,” said A R Ramachandran of Tips2trades.
Usha Martin is a global leader in the production of steel wire ropes, as well as wires, LRPC strands, prestressing machines, accessories, and optical fibre cables. According to its website, Usha Martin’s wire rope manufacturing facilities in Ranchi, Hoshiarpur, Dubai, Bangkok, and the United Kingdom provide the widest range of wire ropes used in diverse sectors worldwide.
In terms of earnings, the wire ropes maker increased its standalone net profit by more than 7% to Rs 45.09 crore in the fiscal quarter that ended September 2022. In the same period last year, the company earned a net profit of Rs 42.05 crore.
Meanwhile, Indian market benchmarks got off to a good start in 2023, with indices rising in early trade, powered by advances in commodities and state-owned lenders.
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