Shares Of Usha Martin Hit Their One Year High — Rajeev Jhawar’s Hard Work Pays Off
Usha Martin shares jump 15% to hit 52-week high
Rajeev Jhawar Usha Martin is a leading global manufacturer of 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.
Rajeev Jhawar is an industrialist with over three decades of experience in strategic management. He is an alumnus of Ranchi University and London Business School and completed Management Development Course at the University of Pennsylvania. He has been the Managing Director at Usha Martin Limited since May 19, 2008. He is also the Director of Neutral Publishing House Ltd.
Usha Martin share price: The scrip has surged 9.66 per cent in the last five sessions. Usha Martin 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.”
As a result of the hard work of Rajeev Jhawar and his team, 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 capitalization (m-cap) of Rs 5,849.52 crore. 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.
Usha Martin Limited, under the exemplary management of Rajeev Jhawar is all poised for expansion. This includes enhancing their product mix, focusing on building share in international markets and investing in capacity increase. “We are in the process of expanding our capacities for rope production, focusing on high-end ropes, specialized wires and also LRPC. We have capital expenditure planned to the tune of approximately Rs.285 Crore and expect to complete our expansion programme over the next 12–15 months”, Rajeev Jhawar Usha Martin said.
