Buy Welspun Corp, target price Rs 168: IIFL

IIFL has buy call on Welspun Corp with a target price of Rs 168. The current market price of Welspun Corp Ltd. is Rs 159.5.

Time period given by analyst is Intra Day when Welspun Corp Ltd. price can reach defined target.

Welspun Corp Ltd., incorporated in the year 1995, is a Mid Cap company (having a market cap of Rs 4159.53 Crore) operating in Metals - Ferrous sector.


Welspun Corp Ltd. key Products/Revenue Segments include Welded Pipes, Scrap, Export Incentives and Other Operating Revenue for the year ending 31-Mar-2021.


Financials
For the quarter ended 30-09-2021, the company reported a Consolidated Total Income of Rs 1358.44 Crore, up 1.64 % from last quarter Total Income of Rs 1336.49 Crore and up 10.71 % from last year same quarter Total Income of Rs 1227.01 Crore. Company reported net profit after tax of Rs 89.49 Crore in latest quarter.

Investment Rationale
Stock has given a head & shoulder pattern breakout on the daily chart

Promoter/FII Holdings
Promoters held 50.01 per cent stake in the company as of 30-Sep-2021, while FIIs owned 9.06 per cent, DIIs 7.4 per cent.