Morgan Stanley bought shares worth Rs 26 crore via its affiliate Morgan Stanley Asia Singapore Pte while Bandhan MF also bought as much shares in the company.
Meanwhile, 3P India Equity Fund purchased 11 lakh shares that were valued at Rs 47.30 crore.
The stake sale was executed at Rs 430 per share, in line with Thursday’s close of Rs 429.05. The stock today ended at Rs 440.45, up by Rs 11.40 or 2.66%.
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Prior to the block deal, Peterhouse Investments held 1.52% stake in the company accounting for 45,66,529 equity shares.
Usha Martin manufacturers wire ropes, specializing in the production of high-performance wire ropes, LRPC strands, wires, pre-stressing accessories, machinery, and optical fibre cables. The company has facilities in India, Thailand, UAE and the UK, supported by a Global Development Centre in Italy.Usha Martin shares have delivered 8% returns in the past 12 months which is a tad better than the returns by headline 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 September ended quarter which was flat over the corresponding quarter of the last financial year. The total revenue in the quarter under revenue stood at Rs 930 crore, up 3.6% compared to Rs 898 crore in the year ago period.
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