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Stocks

Union Bank of India increases stake in Bharat Wire Ropes to 5.34%

BWR-Logo.jpg

BWR Logo

Bharat Wire Ropes is a speciality wire ropes manufacturing company. It manufactures Strands, Wire Ropes and Slings for use in a varied list of application / industries such as General Engineering, Fishing, Elevators, Cranes, Material Handling, Onshore / Offshore Oil Exploration, Ports and Shipping and Mining.

The company also has a diverse product mix which includes Mechanically Spliced Slings, Hand Spliced Slings, Earth Wires, Stay Wires, Guy Wires and Spiral Strands.

They have recently been awarded with two Rate Contracts from the Shipping Corporation of India – Two years Rate contract with the sole option of 2 extensions of three months each, at same rate, terms and conditions for Supply of different types of G.S. Wire Ropes and MMD Approved G.S. Wire Ropes.

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Union Bank of India which held 2,050,121 shares representing 4.56% of the share capital as on 31-Mar-16, purchased an additional 349,651 shares representing 0.78% worth 1.57 Cr.

This brings its increased holding to 2,399,772 shares or 5.34%.

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