India's Welspun Corp gains on acquiring Propel Plastic Products

Welspun

04/11/2022 05:30

** Shares of India-based steel manufacturer and distributor
Welspun Corp Ltd  WGSR.NS  rise as much as 6.57% to 233.7
rupees, their highest since Oct. 18
    ** Co's board approved acquisition of entire share capital
of newly incorporated Propel Plastic Products at a fair value
consideration of 10,000 rupees ($121.17)
    ** Co has intention to make it a wholly owned subsidiary and
to make it a Special Purpose Vehicle for organic/inorganic
growth
    ** WGSR among top gainers on the Nifty Metal Index
 .NIFTYMET  
    ** More than 2.3 mln shares change hands by 0530 GMT vs
30-day avg of 1.4 mln shares
    ** Median PT is 276.5 rupees - Refinitiv data
    ** Stock up 23% YTD up to last close vs a 9.9% rise on the
Nifty Metal index
($1 = 82.5320 Indian rupees)
 (Reporting by Ashna Teresa Britto in Bengaluru)
 ((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))