Usha Martin trades higher after it gets nod to sell land including assets in Tamil Nadu
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Usha Martin is currently trading at Rs. 337.80, up by 5.50 points or 1.66% from its previous closing of Rs. 332.30 on the BSE.
The scrip opened at Rs. 332.05 and has touched a high and low of Rs. 340.95 and Rs. 330.60 respectively. So far 53991 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 342.95 on 27-Jul-2023 and a 52 week low of Rs. 115.10 on 03-Oct-2022.
Last one week high and low of the scrip stood at Rs. 341.60 and Rs. 322.00 respectively. The current market cap of the company is Rs. 10300.28 crore.
The promoters holding in the company stood at 47.88%, while Institutions and Non-Institutions held 12.72% and 39.40% respectively.
Usha Martin has received approval from board of directors to transfer/ sell leasehold land admeasuring about 10.11 acres, structure, plant & machinery, etc. (Sale Assets) located in Sriperumbudur at Tamil Nadu (Proposed Sale). The Proposed Sale is subject to execution of definitive documents, completion of customary closing conditions under the definitive documents and receipt of regulatory approvals, if any. It is proposed that a consideration of not less than Rs 32 crore shall be received from the sale of ‘Sale Assets’. The board of directors of Usha Martin at its meeting held on August 05, 2023, considered and approved the same.
Usha Martin is one of the world’s leading manufacturer of wire rope.
