Shares of Ultracab were locked at a 5% lower circuit on 15 January after the promoter of the company reduced stake by more than half during the Q3 of the current fiscal year.

The promoter of the company reduced their stake from 59.69% stake in August to 27.89% reported in the October-December quarter.

The public shareholding in the company increased to 72.1% during Q3 from 40.31% reported in the April quarter. Several promoters pared stakes and booked profits in 2023 as the market reached new highs.

In November, the company received an order from Sterling and Wilson Private Limited for the supply of LT AB Cable for a total consideration of Rs 47.78 crore. The order is for a project under the government scheme of RDSS for South Bihar Power Distribution Company Limited, Nalanda and Gaya District. The project has to be completed by March 2025.

In its quarterly report for July-September, the company’s revenue remained flat at Rs 31.23 crore in the quarter, whereas the net profit saw a 6% year-on-year increase to Rs 1.5 crore in the same quarter.

At 3:30 pm, the shares of Ultracab closed 4.97% lower at Rs 22.56 on BSE.