Welspun Enterprises corrects on profit booking

Welspun Enterprises fell 2.62% to Rs 169.35 at 13:15 IST on BSE on profit booking after a recent rally.

Meanwhile, the S&P BSE Sensex was down 84.65 points, or 0.25% to 34,212.82.

On the BSE, 50,000 shares were traded in the counter so far compared with average daily volumes of 2.16 lakh shares in the past one quarter. The stock had hit a high of Rs 176.40 and a low of Rs 166.60 so far during the day. The stock hit a 52-week high of Rs 198 on 10 January 2018. The stock hit a 52-week low of Rs 62.60 on 16 February 2017.

The stock had underperformed the market over the past 30 days till 15 February 2018, falling 7.35% compared with 2.24% fall in the Sensex. The scrip had outperformed the market in past one quarter, rising 16.71% as against Sensex's 2.86% rise. The scrip had also outperformed the market in past one year, rising 156.87% as against Sensex's 21.19% rise.

The small-cap company has equity capital of Rs 147.77 crore. Face value per share is Rs 10.

Shares of Welspun Enterprises rose 11.58% in three trading sessions to settle at Rs 173.90 yesterday, 15 February 2018, from its close of Rs 155.85 on 9 February 2018.

The stock jumped 4.23% to settle at Rs 173.90 yesterday, 15 February 2018, after the company reported strong Q3 results after market hours on 14 February 2018.

On a consolidated basis, net profit of Welspun Enterprises rose 349.13% to Rs 15.54 crore on 449.06% rise in net sales to Rs 298.91 crore in Q3 December 2017 over Q3 December 2016.

Welspun Enterprises, part of the Welspun Group, is an operating company as well as a holding company. The company's key activity is in the infrastructure business. Apart from that, the company holds equity investments in Welspun Energy (renewable energy) and Welspun Natural Resources (oil and gas exploration).

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