Welspun Corp rose 2.19% to Rs 272.60 after the company announced the acquisition of entire share capital of Nauyaan Shipyard at a fair value consideration of Rs 1 lakh from a related party (promoter and promoter group of the company).
Nauyaan Shipyard is a company with objects of ship building, shippers, ship-owners, repairers, re-fitters, fabricators etc. Nauyaan presently does not have any material assets or liabilities.
Welspun has made the said acquisition with an intention to make it a wholly owned subsidiary and a special purpose vehicle for investment in the field of marine fabrication.
Welspun Corp is a one-stop service provider offering end-to-end pipe solutions.
The company's consolidated net profit declined 95.78% to Rs 4.11 crore despite a 3.69% rise in sales to Rs 1,288.23 crore in Q1 FY23 over Q1 FY22.
In the past six months, the stock has zoomed 92.05% while the benchmark Sensex has added 3.50% during the same period.
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