India's Welspun Enterprises up 5%; brokerage raises PT

Welspun Enterprises

12/10/2023 09:20

** Shares of Construction engineering firm Welspun
Enterprises  WELS.NS  rise as much as 5% to 298.90 rupees
    ** Brokerage Antique Stock Broking says there has been over
130 bln rupees ($1.56 bln) of fresh water civil work tenders out
for bidding over the last three months along with 1.4 trln
rupees road works
    ** WELS should be in a position to win 60-80 bln rupees in
order inflow in FY24 - Antique
    ** Expects WELS to deliver a revenue/EBITDA growth of 29%/
55% and CAGR of 39% in FY23-25; maintains "buy" rating, raises
TP to 376 rupees from 370 rupees
    ** More than 319,000 shares change hands by 1:40 p.m. IST,
1.4x 30-day avg
    ** Stock currently up 2.3%, bringing YTD gains to 83.6%



($1 = 83.1290 Indian rupees)

 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))