Welspun-Gujarat ends flat despite jump in Q1 net

The stock erased its gains and touched a low of Rs 92 .The scrip finally settled flat at Rs 196. The counter clocked trades of 2.28 million shares as compared to the two-week daily average traded volumes of 1.66 million shares on the BSE.
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(Updated at 1051hrs)

Tube and pipe manufacturer Welspun-Gujarat Stahl Rohren has surged on the back of a 94% jump in Q1 net profit.

The stock today opened near the day's high at Rs 205. It slipped 2.5% from there to a low of Rs 200. The stock is now at Rs 206, up over 4%. Around 489,678 shares have been traded on the BSE so far. It has soared 320% from its 52-week low of Rs 49, touched in March this year.

The stock posted 94% rise in its net profit at Rs 138.21 crore for the first quarter of financial year 2010 as compared to Rs 71.14 crore it posted in the corresponding period last year. The company’s total income increased by 72% at Rs 1,883.8 crore in the first quarter as compared to Rs 1,096.73 crore it posted in the corresponding quarter last year.