India's Usha Martin extends losses; brokerage flags stake-sale overhang

Usha Martin

15/09/2026 09:28

 ** Shares of Usha Martin USBL.NS fall 2.37% to 482.80 rupees, on track for their seventh session of losses
** Steel wire-rope maker's stock has lost ~6.4% over seven-session losing streak, amid broader market weakness 
** Anand Rathi initiates coverage with "buy" rating, PT: 620 rupees, but flags further stake sales by members of Jhawar family as near-term overhang
** Brokerage says B.K. Jhawar and Prashant Jhawar faction has consistently pared its holding and is no longer part of operating entity; further sales could keep stock under pressure
** Anand Rathi sees corrections as buying opportunities, citing co's shift toward higher-margin, premium products and dominant position in domestic wire-rope market
** Brokerage expects EBITDA/tonne to rise to ~41,100 rupees by FY28 from ~34,100 rupees in FY26
** YTD stock up 6.8%

($1 = 95.8600 Indian rupees)

 (Reporting by Surbhi Misra in Bengaluru)
 ((Surbhi.Misra@thomsonreuters.com |  X: https://twitter.com/SurbhiMisra_))