Welspun Corp jumps 12.37% in three days

Welspun Corp rose 1.62% to Rs 228.9, extending gains for the third trading session.

Shares of Welspun corp surged 12.37% in three consecutive sessions.

On the BSE, 36,000 shares were traded in the counter so far compared with average daily volumes of 86,000 shares in the past two weeks. The stock hit a high of Rs 229.80 and a low of Rs 222.70 so far during the day.

The stock hit 52-week high of Rs 298.35 on 22 September 2022. The stock hit a 52-week low of Rs 135.55 on 7 March 2022.

The stock had underperformed the market over the past one month, declining 7.25% compared with 2.53% fall in the Sensex.

The counter had underperformed the market in past one quarter, slipping 13.88% as against Sensex's 7.64% rise.

The scrip had outperformed the market in past one year, surging 27.56% as against Sensex's 5.22% rise.

On the technical front, the stock's daily RSI (relative strength index) stood at 47.938. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On the daily chart, the stock was trading below its 50-day, 100-day simple moving average (SMA) placed at 232.18, 238.58 respectively.

Welspun Corp is engaged in the business of production and coating of high grade submerged arc welded pipes, hot rolled steel plates and coils.

The company reported consolidated net loss of Rs 56.59 crore in Q2 FY23 as compared to net profit of Rs 62.70 crore in Q2 FY22. Net sales rose 27.3% year on year to Rs 1,963.81 crore in Q2 FY23.

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