Indian stock markets are hovering near record highs with the key equity indices Sensex and Nifty breaking and making new psychological levels day after day. Over the course of last 13 months, Sensex and Nifty have risen about 31-32% with the blue-chip stocks such as Bharti Airtel, Maruti Suzuki, Tata Steel, Titan, HDFC Bank, Reliance Industries, DLF, Bajaj Finance, Motherson Sumi, HUL, Idea Cellular, HDFC, Kotak Mahindra Bank and IndusInd Bank rising up to 160%. Amid the euphoria in domestic stock markets, we bring to you a small-cap share which had risen over 40% in last one month to buy and gain up to 70% in next three months.
Shares of Usha Martin have returned 42% in the last one month period to Rs 29.25 from a price level of Rs 20.5 a month ago. The research and brokerage firm HDFC Securities has given a target price of Rs 46 which implies an upside of 67% from the current market price of Rs 27.5. “Traders could start creating long positions between Rs 23 and Rs 26.15 level for sequential targets of Rs 34 followed by Rs 46,” HDFC Securities said in a report. “Traders could keep a stop loss at Rs 21.40 on weekly closing basis, HDFC Securities added.
Earlier yesterday, BSE has sought clarification from Usha Martin with reference to increase in volume. Following which Usha Martin replied, “In this context we would like to clarify that according to our understanding, at present, there is no material event and/ or information which is not in public domain, which could have a bearing on the price and volume behaviour of our traded scrip.”
The stock of Usha Martin has a face value of Re 1 and is a component of S&P BSE Small Cap index. Usha Martin has a market capitalisation of about Rs 800 crore. Usha Martin has a security code: 517146 and an ISIN number: INE228A01035.
Meanwhile today, India’s stock market fell into negative territory in the afternoon trades after starting on a positive note with Sensex and Nifty tripping up to 0.5% following a sell-off in heavyweight shares of companies such as Reliance Industries, ITC, HDFC, SBI, Tata Motors and Tata Steel. BSE Sensex was trading 75.13 points or 0.22% lower at 34,768.38 while NSE Nifty was trading down 49.65 points or 0.46% at 10,691.9. Shares of FMCG giant Hindustan Unilever rose about 1.6% to a 52-week high of Rs 1,389 ahead of its Q3 earnings due tomorrow.