Sharekhan initiates coverage on India's Welspun Corp, sees 30% upside potential

Welspun

10/03/2023 08:15

** Sharekhan initiates coverage on large diameter pipes
maker Welspun Corp  WGSR.NS , saying stock has a 30% upside
potential from current market price
    ** WGSR shares rise as much as 1.6% on Friday to 214 rupees
    ** Strong order book, ramp-up of U.S. operations, ductile
iron pipes, TMT bars and speciality steel would drive
significant turnaround in its financials through FY25E -
Sharekhan by BNP Paribas 
    ** Sharekhan says optimism on stock stems from robust order
book -- 132 billion rupees ($1.61 billion) for line pipes, 6.65
bln rupees for DI pipes, steel pipes & tubes order book of 1 bln
rupees
    ** Co on Thursday said its unit got one of the "toughest"
certification in Ductile Iron pipes from a U.K. regulator, which
will help co expand its international customer base
    ** Stock down 10.5% YTD after gaining 32.8% last year
    

($1 = 82.0220 Indian rupees)

 (Reporting by Nallur Sethuraman in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 8061822737); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))