Welspun Corp firms up on buyback plan

Welspun Corp rose 2.71% to Rs 143.80 at 11:27 IST on BSE after the company said its board will consider a share buyback proposal on 14 May 2019.

The announcement was made after market hours yesterday, 9 May 2019.

Meanwhile, the S&P BSE Sensex was up 117.24 points, or 0.31% to 37,676.15.

On the BSE, 72,000 shares were traded in the counter so far compared with average daily volumes of 38,000 shares in the past two weeks. The stock had hit a high of Rs 144.90 and a low of Rs 141.50 so far during the day. The stock hit a 52-week high of Rs 186.90 on 6 September 2018. The stock hit a 52-week low of Rs 89.30 on 18 February 2019.

The company's board will also consider the financial results for the year ended 31 March 2019 and dividend on equity shares in its meeting on 14 May 2019.

In a separate announcement, Welspun Corp said that it has received additional pipe orders of 103 KMT, which will be serviced from India. Accordingly, the company's order book stands at 1,698 KMT valued at Rs 14900 crore after considering the above additions and the execution up to April 2019.

On a consolidated basis, net profit of Welspun Corp declined 54.69% to Rs 30.08 crore on 13.41% rise in net sales to Rs 2528.85 crore in Q3 December 2018 over Q3 December 2017.

Welspun Corp is among the largest welded line pipe manufacturing companies in the world.

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