Welspun Enterprises Shares Rise To Record After BMC Order Win
The company also got approval from NCLT for the merger of its wholly owned subsidiaries Welspun Infraconstruct, Welspun-Kaveri Infraprojects JV, Corbelloe Trading and RGY Roads with itself.
Shares of Welspun Enterprises Ltd. rose to hit record high on Thursday after it bagged contract for the development of a water treatment plant from the Brihanmumbai Municipal Corp.
The company won the bid for the designing, building and operating of 2,000 million liter per day water treatment plant at a Bhandup complex, the company said in an exchange filing on Wednesday. The Rs 4,128 crore project is to be designed and constructed within the span of 48 months.
Separately, the company said that the National Company Law Tribunal has sanctioned the merger of its wholly owned subsidiaries Welspun Infraconstruct Pvt, Welspun-Kaveri Infraprojects JV Pvt., Corbelloe Trading Pvt. and RGY Roads Pvt. with the company.
Shares of the company surged 5.69% to a fresh life high of Rs 382 apiece. It recently hit life high on Feb. 2. It pared gains to trade 3.58% higher at Rs 374.40 apiece, as of 10:00 a.m. This compares to a 0.11% advance in the NSE Nifty 50 Index.
It has risen 154.78% in the last 12 months. Total traded volume so far in the day stood at 3.9 times its 30-day average. The relative strength index was at 67.
Both the analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an upside of 155.5%.
