India's Welspun Enterprises jumps on 32X Q3 profit surge

Welspun Enterprises

01/02/2023 04:35

** Shares of Indian infrastructure firm Welspun Enterprises
Ltd  WELS.NS  rise as much as 5.3% to 152.7 rupees
    ** Stock's largest intraday pct climb since Dec. 27 
    ** Co reports 32X jump in Q3 consolidated net profit to 4.01
bln rupees ($49.02 mln) from 125.5 mln rupees ($1.53 mln) year
ago
    ** Says its order book stands at 1.08 bln rupees for the
quarter
    ** Brokerage Nuvama Institutional Equities says margin
improvement due to lower cotton and freight costs
    ** Stock on track to rise for third straight day, if gains
hold
    ** Over 236,000 shares traded as of 9:46 am IST, 0.3X the
30-day moving average
    ** Stock climbed 73.9% in 2022, its third straight annual
gain
($1 = 81.8070 Indian rupees)
 (Reporting by Varun Vyas in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com;))