Welspun Corp rallies as promoters buys stake in Mulheim Pipe Coatings

MUMBAI: Shares of Welspun Corp surged over 11 per cent in trade after Welspun Infra Developers and Welspun Fintrade, part of Welspun Promoter Group, acquired the entire equity shareholding held co-promoter Mulheim Pipe Coatings.

The two promoters units have acquired 3.124 per cent equity shareholding in Welspun Corp at a price of Rs. 85.25 per equity share, by way of a block deal.

The promoters are looking to increasing stake in the company when funds are available. The current promoter holding in company is at 41 per cent. They are planning to further increase stake in the company in line with SEBI norms.

According to the management, the business is quite stable in domestic & overseas markets. The company is expecting good order inflow & traction across business segments.

The stock ended at Rs 97.10, up 12.19 per cent, on the BSE. It touched a high of Rs 100.40 and a low of Rs 85 in trade today.

According to Sandeep Wagle, Founder & CEO, Power My Wealth, www.powermywealth.com, traders can buy the stock for a target of Rs110-115 and keep a stoploss of Rs 85.