Shares of Usha Martin rose sharply to hit their one-year high level in early trade on Monday. The stock jumped 14.76 per cent to touch its 52-week high of Rs 197.45 over its previous close of Rs 172.05. A total of 1.61 lakh shares changed hands today. The turnover on the counter stood at Rs 3.04 crore. The company commanded a market capitalisation (m-cap) of Rs 5,849.52 crore.
On BSE, there were 29,094 sell orders against buy orders of 28,246 shares. On NSE, 34.77 lakh shares changed hands with a turnover of Rs 65.81 crore.
The scrip has surged 9.66 per cent in the last five sessions. It ended the previous year with 103.81 per cent gains.
In response to an exchange query on significant movement in share price, Usha Martin, on December 30, 2022, clarified that “there is no material event and/ or information which is not in the public domain, which could have a bearing on the price and volume behavior of our traded scrip.”
The stock was last seen trading higher than 5-day, 20-day, 50-day, 100-day and 200-day moving averages today.
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Maruti’s 14-day relative strength index (RSI) came at 77.01. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company’s stock has a price-to-equity (P/E) ratio of 22.46.
“Usha Martin has started the year strongly but looks overbought on the daily charts. A daily close above Rs 186 could lead to Rs 206 in the coming days but this rally should be used to book profits. Strong support will be at Rs 167,” said A R Ramachandran from Tips2trades.
Usha Martin is a leading global manufacturer of steel wire ropes and is also engaged in the manufacturing of wires, LRPC strands, prestressing machines, accessories and optical fiber cables. According to its website, Usha Martin’s wire rope manufacturing facilities in Ranchi, Hoshiarpur, Dubai, Bangkok, and the UK produce widest range of wire ropes that find application in various industries across the world.
On the earnings front, the wire ropes manufacturer posted an over 7 per cent growth in its standalone net profit to Rs 45.09 crore during the quarter that ended September 2022. The company had clocked a net profit of Rs 42.05 crore in the same period a year ago.
Meanwhile, Indian equity benchmarks started 2023 on a positive as the indices rose in early trade, led by gains in metals and state-owned lenders.