The Ultracab share was locked in a 5 percent lower circuit for the third straight session after the promoters reduced their shareholding in the company by more than a half during the December quarter.
As reported by Moneycontrol, the promoter shareholding was at 59.69 percent in the August-September period which fell to 27.89 percent in the October-December quarter.
Public shareholding increased from 40.31 percent in September to 72.1 percent. During this time, Ultracab stock price surged from Rs 15 to Rs 28. Several promoters pared stakes and booked profits in 2023 as the market reached new highs. The promoters, however, didn't disclose such trades.
Also read Cable shockers: Ultracab promoters' stake sale makes Polycab’s poor governance look pretty
Ultracab shares were locked in a Rs 22.56 lower circuit on the Bombay Stock Exchange. The stock has lost 19 percent in the last five days and gained 26 percent since October 1.
In November, the company received an order from Sterling and Wilson Private Limited of around Rs 47.78 crore for supply of LT AB Cable. This will be used for a project under government scheme of RDSS for South Bihar Power Distribution Company Limited, Nalanda and Gaya District. The project for the supply of LT AB Cables is expected to be completed by March 2025, it said.
The revenue was almost flat at Rs 31.23 crore in the September quarter. Net profit for was up 6 percent at Rs 1.53 crore in the same period.
Ultracab manufactures and exports electric wires and cables in India.
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