Multibagger: Steel wire rope producers stock jumps after FIIs purchase 16.59 lakh shares

by Trade Brains | Jul 10, 2023 | 3:10 pm | Editor's Pick, News | 0 comments

With a 60-year legacy, the shares of this Leading global and India’s No. 1 specialized steel wire rope supplier increased 2.85 percent in the first half of Monday’s trade.

Usha Martin Ltd shares were trading at Rs 287.10 on the NSE at 1:43 p.m., up 2.06 percent, after Societe Generale bought a 0.5% stake in the firm.

As per reports, the Europe-based financial services company Societe Generale bought 16.59 lakh shares or 0.5% stake in Usha Martin Ltd. The deal was concluded at a weighted average price of Rs 279.99 per share.

The company’s share price has climbed by 109 percent in the last year, resulting in a multi-bagger return. As a result, an investor who brought Rs 1 lakh in the company’s shares a year ago would now be worth Rs 2.09 lakhs.

Usha Martin Ltd primarily manufactures and sells steel wires, strands, wire ropes, and related accessories used in the construction industry.

The company’s Wire Rope segment increased to 67% in FY23 vs 61% in FY22 and Within Wire Rope, the value-added segments (crane, oil & offshore, elevator, mining, fishing) share rose to 65% in FY23 from 59% in FY22.

International business accounted for 55% of total revenue in FY23, up from 51% in FY22.The percentage of rope exports grew from 29 KMT in FY22 to 32 KMT in FY23

Revenue climbed by 21 percent year on year to Rs 3,267 crore in FY 22-23 compared to the previous year. Similarly, net profit increased by 19 percent to Rs 338 crore.

As of FY 22-23, the promoters owned 48.26 percent of the company, while foreign institutional investors owned 9.5 percent.

Written by Omkar Chitnis

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