Meanwhile, 3P India Equity Fund bought 11 lakh shares valued at Rs 47.30 crore. The share sale was done at Rs 430 per share, in line with Thursday’s closing price of Rs 429.05. The stock ended today at Rs 440.45, up by Rs 11.40 or 2.66%.
Also read: LIC has reduced stake in Adani Ports by 2% between 2022 and 2025. View the details
Prior to the block deal, Peterhouse Investments held a 1.52% stake in the company, representing 45,66,529 shares.
Usha Martin manufactures wire ropes, specializing in the production of high quality wire ropes, LRPC strands, wires, prestressing accessories, machines and optical fiber cables. The company has offices in India, Thailand, the UAE and the UK, supported by a Global Development Center in Italy. Usha Martin’s shares have returned 8% in the last twelve months, which is slightly better than the returns of the main indices Nifty and the BSE Sensex, whose returns are 5.7% and 4.6% respectively.
The stock is trading below its 50-day simple moving average (SMA) of Rs 450.2, while above its 200-day simple moving average (SMA) of Rs 371.2, according to Trendlyne.
The company reported a consolidated net profit of Rs 110 crore in the quarter ended September, which was flat from the corresponding quarter of the last fiscal. Total revenue in the quarter under sales was Rs 930 crore, up 3.6% compared to Rs 898 crore in the same period last year.
(Disclaimer: The recommendations, suggestions, views and opinions expressed by the experts are their own. These do not represent the views of The Economic Times.)
#Usha #Martin #block #deal #Promoter #entity #sells #stake #worth #crore #Morgan #Stanley #among #buyers