India's Welspun Corp hits highest in over 15-1/2 yrs on Q2 profit swing

Welspun

09/11/2023 04:10

** Shares of Welspun Corp  WGSR.NS  rise as much as 6.5% to
486.8 rupees, highest since Feb. 5, 2008
    ** Stock on track for third consecutive session of gains, if
trends stand
    ** Pipe manufacturer reports consolidated net profit of 3.85
bln rupees ($46.25 mln) against a loss of 565.9 mln rupees year
earlier
    ** Co sees robust demand in core steel segment during the
qtr
    ** More than 1.4 mln shares traded by 09:30 a.m. IST, 1.2x
its 30-day avg
    ** WGSR trading above its 50-day, 100-day and 200-day simple
moving averages since mid May
    ** Stock currently up 6%, bumping YTD gains to ~99%



($1 = 83.2520 Indian rupees)

 (Reporting by Ashna Teresa Britto in Bengaluru)
 ((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))