This outperforming and surging stock gets good news; watch out!
In the last five trading sessions, the stock has zoomed nearly 17 per cent.
We have seen the market rebounding from the lower levels in the last five trading sessions while Nifty is trading above its 20-DMA. At the same time, there are several stocks from Large-Cap to small-cap universe that has been performing well but then, there are a few stocks, which have outperformed the benchmark with flying colours and one of them is Welspun Corp.
In the last five trading sessions, the stock has zoomed nearly 17 per cent. Further, we believe that the stock is likely to continue its upward momentum and might mark six straight days of gain on Thursday. However, why are we saying so?
Welspun Corp’s associate company, East Pipes Integrated Company for Industry (EPIC) in the Kingdom of Saudi Arabia (KSA), announced that it has signed a contract with Saline Water Conversion Corporation (SWCC) valued at SAR 490 million, to supply & deliver steel pipes for a water transmission project. This follows the award of a SAR 497 million contract in March 2022, for a project of a similar nature, also by SWCC.
Interestingly, the stock is trading above its 20, 50 & 100-DMA. Moreover, they are in the desired direction and trending higher. The stock is up by nearly 29 per cent on a YTD basis while in the last one year, it has gained nearly 57 per cent.