Welspun Corp corrects on profit booking

Welspun Corp fell 2.68% to Rs 114.30 at 9:59 IST on BSE on profit booking after the stock rose 20.34% in the preceding two trading sessions to Rs 117.45 yesterday, 30 November 2015, from a recent low of Rs 97.60 on 26 November 2015.

Meanwhile, the BSE Sensex was up 44.30 points, or 0.17%, to 26,189.97.

On BSE, so far 2.04 lakh shares were traded in the counter, compared with an average volume of 2.26 lakh shares in the past one quarter.

The stock hit a high of Rs 119.35 and a low of Rs 113.50 so far during the day. The stock hit a 52-week high of Rs 153.60 on 5 August 2015. The stock hit a 52-week low of Rs 51.90 on 27 March 2015.

The stock had outperformed the market over the past one month till 30 November 2015, rising 15.94% compared with 1.92% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 2.67% as against Sensex's 0.93% decline.

The mid-cap company has an equity capital of Rs 131.59 crore. Face value per share is Rs 5.

Nippon Investment & Finance Co sold 23.11 lakh shares of Welspun Corp at an average price of Rs 115.20 per share in a bulk deal on the NSE yesterday, 30 November 2015.

Shares of Welspun Corp had jumped 8.95% to Rs 117.45 yesterday, 30 November 2015, on media reports that the company has roped in investment bank to help the company sell its renewable energy business. According to reports, Welspun Group has put renewable energy business on the block and has appointed British bank Barclays to look for a buyer. The move was reportedly aimed at trimming the company's debt amid weakening business margins due to consistent fall in solar power prices.

The stock had surged 10.45% to Rs 107.80 on Friday, 27 November 2015, after the company said it had bagged an order to supply 216K MTs line pipes for an onshore project in the US.

Welspun Corp's consolidated net profit surged 1825.5% to Rs 101.09 crore on 5.3% growth in net sales to Rs 2435.99 crore in Q2 September 2015 over Q2 September 2014.

Welspun Corp is a one-stop service provider offering complete pipe solutions.

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