Usha Martin jumps 4% after Motilal Oswal buys 18.5 lakh shares

Shares of Usha Martin Ltd jumped 4 percent in early trade on June 13, post raising of stake by Motilal Oswal mutual fund. At 10:10 am the Usha Martin Ltd stock was trading 3.45 percent higher at Rs 280.10 on NSE.

Motilal Oswal Mutual Fund (MOSTF30) has bought 18.5 lakh shares in the wire rope manufacturer via open market transaction at an average price of Rs 270.12 per share, which amounted to Rs 50 crore on June 12.

Recent company developments

Usha Martin Ltd as per a corporate filing with BSE on June 5, 2023 have announced the intimation of cessation of Whole Time Director (WTD) 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.”

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Stock Performance

Usha Martin Ltd has given a return of 110.03 percent over the last six months. Thus, considerably outperforming the benchmark Nifty50 index which has given a return of 0.51 percent over the same duration.

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