Welspun India soars after agreement with Target Corp

Welspun India jumped 9.05% to Rs 99.45 after the company said that it signed agreement with US-based retailer Target Corporation.

Target Corporation is a retailer with over 1,900 stores in the United States of America (USA).

Welspun India and Target Corporation will be working together again, having recently completed a vendor re-empanelment process with Welspun Global Brands, the company's subsidiary.

Until FY16, the business with Target Corporation accounted for almost 10% of the company's overall business.

The company said it shall strive to foster a strong, transparent and sustainable business relationship with Target Corporation going forward.

Welspun India is one of the largest home textile manufacturers in the world. The company offers a wide spectrum of home & technical textile products and flooring solutions.

The company's consolidated net profit rose 146.99% to Rs 180.77 crore on a 29.18% increase in sales to Rs 2029.01 crore in Q3 FY21 over Q3 FY20.

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