Usha Martin share price: Usha Martin zooms 18% after over 10% equity change hands; up 27% in 2 days

Shares of Usha Martin hit a record high of Rs 433.70, as they zoomed 18 per cent on the National Stock Exchange (NSE) in Friday’s intraday trade, after more than 10 per cent equity of the company changed hands on the NSE and BSE. 

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While announcing its June quarter (Q1FY25) results on August 12, 2024, the company’s management had said they anticipate a stronger performance in the second half of the year. Domestically, with the rapid pace of infrastructure projects such as bridges, ropeways, and high-speed railways, coupled with the expansion in tier II and tier III cities, the management sounded optimistic about the potential of the domestic market.

“Overall, the business pipeline remains promising in both overseas and Indian markets, particularly for the company’s high-end specialty offerings,” it added.

“With a robust economy poised for growth, fuelled by technological advancements and government initiatives, the business landscape is ripe with opportunities,” Usha Martin said in its FY24 annual report.

“Further, the expectation of picking–up of government, private and public private partnership spending on infrastructure development projects like highways, railways, airports, ports, building construction, transportation, material handling and ‘housing for all’ and ‘smart city’ projects may be growth drivers for both the economy as well as for connected industries,” it added.

The company further believes that growth in both oil and gas and renewable energy sectors, particularly in offshore wind projects, presents compelling opportunities for the company’s products.

Increasing activity and volume in shipping and container terminals is further expected to boost demand for products of the company, it noted, while adding that the mining sector in Latin America presents a promising opportunity for export growth.