Welspun India extends gains, up by 12 per cent

Textile major Welspun India extended its gains during Wednesday’s intraday trade with a surge of over 12 per cent on BSE. The stock hit an intraday high of Rs. 82.50 per share, up by 12.32 per cent following the incorporation of the company’s wholly-owned subsidiary Welspun Nexgen on Tuesday.

The company set up the wholly-owned subsidiary after having paid-up capital worth US$ 4.25 million for making investments in ecommerce companies.

The company had posted a tremendous hike in its net profit on a year-on-year basis in the second quarter of FY18. The net profit of the company surged to Rs. 58.71 crore in Q2 FY18 against a loss of Rs. 152.34 crore in the same quarter of the previous fiscal.

The stock had hit its 52-week high of Rs. 99.55 per share on May 3, 2017 and its 52-week low of Rs. 60 per share on October 5, 2017 on BSE, respectively. At 1120 hours IST, the stock was trading at Rs. 80.25 per share, higher by 9.26 per cent on Wednesday.

Meanwhile, S&P BSE Sensex was trading at 34,414.26 level, lower by 0.11 per cent and NSE Nifty 50 was trading at 10,623.55 level, lower by 0.13 per cent, respectively.