Welspun India gained 3.33% to Rs 87 at 15:04 IST on BSE after a foreign brokerage reportedly initiated its coverage on the stock with an outperformer rating with a price target of Rs 115 per share.
Meanwhile, the S&P BSE Sensex was down 117.28 points, or 0.39%, to 29,589.33. The S&P BSE Mid-Cap was up 80.74 points, or 0.57%, to 14,313.90.
On BSE, so far 4.48 lakh shares were traded in the counter, compared with average daily volume of 3.12 lakh shares in the past one quarter. The stock hit a high of Rs 91.10 and a low of Rs 86.75 so far during the day. The stock hit a record high of Rs 119.90 on 14 June 2016. The stock hit a 52-week low of Rs 46.35 on 30 August 2016.
The stock had underperformed the market over the past one month till 7 April 2017, falling 1.69% compared with 2.69% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, gaining 20.46% as against Sensex's 11.01% rise.
The mid-cap company has equity capital of Rs 100.47 crore. Face value per share is Re 1.
The foreign brokerage reportedly expects 15% revenue growth in the year ending 31 March 2019 (FY 2019) and over 20% growth in earnings per share (EPS). The new flooring capacity will also be operational in FY 2020 and can add 8-9% to FY 2020 revenue growth, the foreign brokerage reportedly said in a research report.
Welspun India's consolidated net profit fell 16.2% to Rs 149.38 crore on 1.2% rise in net sales to Rs 1306.77 crore in Q3 December 2016 over Q3 December 2015
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Welspun India is the leading home fashions supplier in the USA and amongst the top 3 global manufacturers of bed and bath linen.
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