Buzzing stock: Welspun India jumps almost 9 per cent intraday

The shares of Welspun India Limited (WIL) gained around 8.63 per cent on Friday after its credit ratings were upgraded.  

The rating agency, India Ratings & Research, which is a Fitch Group company has upgraded the long-term credit rating of Welspun India Limited from IND AA- to IND AA while its outlook is stable.  

As per the information given by the company in its press release, its term loan rating has been upgraded to IND AA with the outlook being stable while fund-based limits are upgraded to IND AA with a stable outlook. Meanwhile, the rating for the non-fund-based limits was affirmed to IND A1+.   

Strong operating performance, continued improvement in credit metrics, continued growth in emerging business, and resilient operating margins to support healthy & strong business growth are some of the main reasons that will ensure the company has a strong positive business trend, going forward.  

Welspun India zoomed by 20.39 per cent in the month of March 2021, while on a YTD basis, it gained by 21.27 per cent. In one year, the company has surged around 300 per cent.  

WIL is among the largest manufacturers and exporters of home textiles, including bed & bath textile products and flooring solutions. The company has its manufacturing facilities at Anjar and Vapi (both in Gujarat). WIL manufacturers terry towels, bed linen, rugs & carpets.  

On Friday, the shares of Welspun India were seen trading at Rs 83.7 per share, up by 8.63 per cent or by Rs 6.65 per share. The scrip’s 52-week high is Rs 87.60 per share while its 52-week low is Rs 18.80 per share on BSE.