Welspun Corp rose 8.12% to Rs 116.70 at 14:00 IST on BSE on media reports that the company has roped in investment bank to help the company sell its renewable energy business.
Meanwhile, the BSE Sensex was up 31.34 points, or 0.12%, to 26,159.54.
On BSE, so far 25.48 lakh shares were traded in the counter, compared with an average volume of 1.80 lakh shares in the past one quarter.
The stock hit a high of Rs 118 and a low of Rs 107.10 so far during the day. The stock hit a 52-week high of Rs 153.60 on 5 August 2015. The stock hit a 52-week low of Rs 51.90 on 27 March 2015.
The stock had outperformed the market over the past one month till 27 November 2015, sliding 0.92% compared with 4.13% decline in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 6.95% as against Sensex's 0.39% decline.
The small-cap company has an equity capital of Rs 131.59 crore. Face value per share is Rs 5.
According to reports, Welspun Group has put renewable energy business on the block and has appointed British bank Barclays to look for a buyer. The move was reportedly aimed at trimming the company's debt amid weakening business margins due to consistent fall in solar power prices.
Shares of Welspun Corp had surged 10.45% to Rs 107.80 on Friday, 27 November 2015, after the company said it had bagged an order to supply 216K MTs line pipes for an onshore project in the US.
Welspun Corp's consolidated net profit surged 1825.5% to Rs 101.09 crore on 5.3% growth in net sales to Rs 2435.99 crore in Q2 September 2015 over Q2 September 2014.
Welspun Corp is a one-stop service provider offering complete pipe solutions.
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