Welspun India gains after overseas JV

Welspun India rose 1.77% to Rs 57.60 at 9:20 IST on BSE after the company announced a joint venture with Sense Organics Import & Trading GmbH, Germany.

The announcement was made after market hours yesterday, 26 June 2019.

Meanwhile, the S&P BSE Sensex was up by 62.80 points, or 0.16% to 39,654.88.

On the BSE, 775 shares were traded in the counter so far compared with average daily volumes of 1 lakh shares in the past two weeks. The stock had hit a high of Rs 57.60 and a low of Rs 57 so far during the day. It hit a 52-week high of Rs 78.20 on 7 September 2018 and a 52-week low of Rs 46.25 on 18 February 2019.

Welspun India has entered into joint venture with Sense Organics Import & Trading GmbH, Germany (SOIT). Welspun India has also acquired 51% of the share capital, at, par, of Pure Sense Organics Myanmar (PSOML), a company incorporated under the Myanmar Companies Act 2018 on 24 January 2018. Welspun India will be investing amounts upto US$140,000 during year 2019 as a part of the company's sustainable sourcing strategy. Neither SOIT nor PSOML are related parties of the company.

On a consolidated basis, Welspun India reported net loss of Rs 79.29 crore in Q4 March 2019 as compared to net profit of Rs 86.62 crore in Q4 March 2018. Net sales rose 3.4% to Rs 1557.20 crore in Q4 March 2019 over Q4 March 2018.

Welspun India, the flagship company of Welspun group, is among largest home textile manufacturers in the world with presence in bed, bath & flooring. It is the largest exporter of home textile products from India.

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