Welspun Corp corrects on profit booking

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Welspun Corp fell 6.91% to Rs 172.40 at 15:08 IST on BSE on profit booking after a recent rally.

Meanwhile, the S&P BSE Sensex was down 37.47 points, or 0.11% to 34,806.04.

On the BSE, 4.70 lakh shares were traded in the counter so far, compared with average daily volumes of 2.43 lakh shares in the past two weeks. The stock had hit a high of Rs 189.35 and a low of Rs 171 so far during the day. The stock hit a 52-week high of Rs 190 on 15 January 2018. The stock hit a 52-week low of Rs 78.80 on 15 February 2017.

Shares of Welspun Corp rose 36.33% in nine trading sessions to settle at Rs 185.20 yesterday, 15 January 2018, from its close of Rs 135.85 on 2 January 2018.

On a consolidated basis, Welspun Corp reported net profit of Rs 40.37 crore in Q2 September 2017 as against net loss of Rs 34.85 crore in Q2 September 2016. Net sales rose 72.27% to Rs 1922.03 crore in Q2 September 2017 over Q2 September 2016.

Welspun Corp offers complete pipe solution with a capability to manufacture line pipes ranging from 1/2 inch to 140 inches, along with specialized coating, double jointing and bending. The line pipe industry caters to the sectors like energy and water resource management where in the line pipes supplied are used to construct cross-country pipelines for transportation of oil, gas, petro-products and water in the safest and most environment friendly way.

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