Welspun Enterprises spurts on buyback plan

Welspun Enterprises rose 9.49% to Rs 65.20 at 12:12 IST on BSE after the company said its board will meet on 22 December 2016 to consider buyback of equity shares.

The announcement was made after market hours hours yesterday, 19 December 2016.

Meanwhile, the BSE Sensex was down 65.63 points, or 0.25%, to 26,309.07.

On the BSE, so far 2.70 lakh shares were traded in the counter, compared with average daily volumes of 1.36 lakh shares in the past one quarter. The stock had hit a high of Rs 66.65 and a low of Rs 59.55 so far during the day.

 

The stock hit a 52-week high of Rs 75.30 on 3 November 2016. The stock hit a 52-week low of Rs 43 on 12 February 2016. The stock had outperformed the market over the past 30 days till 19 December 2016, rising 1.28% compared with the 0.86% rise in the Sensex. The scrip had also outperformed the market in past one quarter, falling 5.70% as against Sensex's 7.53% decline.

The small-cap company has equity capital of Rs 174.28 crore. Face value per share is Rs 10.

Net profit of Welspun Enterprises rose 116.67% to Rs 2.86 crore on 16.93% rise in net sales to Rs 33.22 crore in Q2 September 2016 over Q2 September 2015.

Welspun Enterprises' key activity is in the infrastructure business. The company has executed infrastructure projects such as highways, bridges, industrial, residential and commercial buildings.

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