Welspun Enterprises rose 3.96% to Rs 113 at 14:58 IST on BSE after the company clarified that no material findings came to notice after recent income tax raid on its premises.
Meanwhile, the S&P BSE Sensex was up 67.24 points, or 0.22% to 31,288.86.On the BSE, 1.77 lakh shares were traded in the counter so far, compared with average daily volumes of 3.59 lakh shares in the past one quarter. The stock had hit a high of Rs 114.50 and a low of Rs 109 so far during the day. The stock hit a 52-week high of Rs 122.25 on 28 June 2017. The stock hit a 52-week low of Rs 54 on 22 November 2016.
The stock had outperformed the market over the past one month till 3 July 2017, rising 16.07% compared with 0.17% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 24.51% as against Sensex's 4.38% rise. The scrip had also outperformed the market in past one year, rising 83.31% as against Sensex's 14.45% rise.
The small-cap company has equity capital of Rs 147.29 crore. Face value per share is Rs 10.
Media reports on 3 July 2017 suggested that IT department conducted raids at Welspun Group's Mumbai office since Friday, 30 July 2017.
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In its clarification, Welspun Enterprises confirmed during trading hours today, 4 July 2017, that a search under section 132 of the Income Tax Act, 1961 was conducted by income tax authorities at various locations of Welspun Group from 30 June 2017 to 3 July 2017. Welspun extended its full co-operation to the authorities. As the search was in progress, it could not inform the bourses earlier. No material findings have come to the company's notice.
Net profit of Welspun Enterprises rose 276.06% to Rs 17.75 crore on 148.51% rise in net sales to Rs 181.49 crore in Q4 March 2017 over Q4 March 2016.
Welspun Enterprises, formerly Welspun Projects, part of the Welspun Group, is an operating company in the infrastructure business. The company also has investments in oil & gas exploration.
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