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Foreign brokerage upgrade boosts Welspun India

Capital Market 

Welspun India gained 3.33% to Rs 87 at 15:04 IST on BSE after a foreign brokerage reportedly initiated its coverage on the stock with an outperformer rating with a price target of Rs 115 per share.

Meanwhile, the S&P BSE Sensex was down 117.28 points, or 0.39%, to 29,589.33. The S&P BSE Mid-Cap was up 80.74 points, or 0.57%, to 14,313.90.

On BSE, so far 4.48 lakh shares were traded in the counter, compared with average daily volume of 3.12 lakh shares in the past one quarter. The stock hit a high of Rs 91.10 and a low of Rs 86.75 so far during the day. The stock hit a record high of Rs 119.90 on 14 June 2016. The stock hit a 52-week low of Rs 46.35 on 30 August 2016.

The stock had underperformed the market over the past one month till 7 April 2017, falling 1.69% compared with 2.69% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, gaining 20.46% as against Sensex's 11.01% rise.

The mid-cap company has equity capital of Rs 100.47 crore. Face value per share is Re 1.

The foreign brokerage reportedly expects 15% revenue growth in the year ending 31 March 2019 (FY 2019) and over 20% growth in earnings per share (EPS). The new flooring capacity will also be operational in FY 2020 and can add 8-9% to FY 2020 revenue growth, the foreign brokerage reportedly said in a research report.

Welspun India's consolidated net profit fell 16.2% to Rs 149.38 crore on 1.2% rise in net sales to Rs 1306.77 crore in Q3 December 2016 over Q3 December 2015

Welspun India is the leading home fashions supplier in the USA and amongst the top 3 global manufacturers of bed and bath linen.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Mon, April 10 2017. 15:11 IST