Multibagger steel stock soars to 52 week high on back of stellar quarterly results
Over the past six months, the company's shares have generated a multibagger return of 110.97 per cent while in the same time frame, BSE industrial shares have moved up by 32.62 per cent
Welspun Corp Ltd which is manufacture of pipes surge by 5.6 per cent and hit fresh 52 week high amid strong financial results for the second quarter of FY24 and half-year results. On consolidated basis, In Q2FY24 the company recorded a robust financial performance with a 711,86 per cent year-on-year increase in net profit, reaching Rs 386.57 crore compared to net loss of Rs 63.18 crore in the corresponding quarter of the previous year. During the second quarter of FY24, the company's total net revenue showed an increase of 94.38 per cent from Rs 2140.86 crore to Rs 4161.41 crore compared to the same quarter in the preceding year.
Sequentially, the net profit for the quarter ending on September 30, 2023, showed an increase of 129.49 per cent from Rs 168.45 crore. However, in Q2FY24, the company's total net revenue registered an increase of 1.04 per cent compared to the previous quarter, settling at Rs 4118.78 crore.
The company's highlights include the sales volume of line pipe businesses in India and the USA for H1FY24 rose 57 per cent YoY. Order book for line pipes in India and US stands at 611 KMT valued at approximately Rs 8,000 crore. Associate company, EPIC in Saudi Arabia has a confirmed order book exceeding 2 years. Execution of recent Aramco order of SAR 1.8 billion started.
Yesterday, the shares of the company closed at Rs 479.95, marking a 5.06 per cent increase. The shares of the company have reached a fresh 52-week high at Rs 496.25, with a 52-week low standing at Rs 177.85. The company currently holds a market capitalization of approximately Rs 12,500 crore. Over the past six months, the company's shares have generated a multibagger return of 110.97 per cent while in the same time frame, BSE industrial shares have moved up by 32.62 per cent.
DSIJ’s 'Multibagger Pick’ service recommends well researched multibagger stocks with High Returns potential. If this interests you, do download the service details here.
Disclaimer: The article is for informational purposes only and not investment advice.