India's Welspun up on dispute settlement with Indian Oil

Welspun Enterprises

07/06/2024 06:44

** Shares of Welspun Enterprises  WELS.NS  up 4.4% at 462.3
rupees
    ** Indian Oil Corp  IOC.NS  and the infra development co
settle suit filed by WELS in 2018 in relation to Panipat Naphtha
Cracker Project
    ** As per settlement terms, IOC will pay 159.6 mln rupees
($1.9 mln) to Welspun, with interest amount worth 77.1 mln
rupees; WELS will withdraw suit post settlement 
    ** Stock up 1.6% so far this week, its eighth straight week
of gains
    ** Stock on track to log longest weekly winning run in at
least 10 years, as per LSEG data 


($1 = 83.4500 Indian rupees)

 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))