Welspun India jumps on acquisition buzz

DALAL STREET SPIKES

Welspun India surged nearly 6 per cent to Rs 106.30 before closing at Rs 104.05, up 3.38 per cent, on reports that it is close to acquiring a home furnishings and textile company in Europe.

The company wants to reduce its dependence on the US market and combat the rupee's appreciation against the dollar. The deal is estimated to be in the range of Rs 80-100 crore. This would be Welspun India's second acquisition. It had bought UK's largest terry towel brand, Christy in July last year.