Welspun Living's US Arm Begins Production At $12.5 Million Pillow Manufacturing Unit
The dispatch of pillows was effected from Aug. 6, 2024, it said.
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Welspun Living Ltd.'s arm has commenced production at the pillow manufacturing unit in the USA.
The fully automated pillow manufacturing unit in Ohio, USA, was set up with a capital expenditure of $12.5 million, according to an exchange filing on Wednesday. This was done to expand the product category in the home textile segment business in the USA, it said.
The dispatch of pillows was effected from Aug. 6, 2024, it said.
Shares of Welspun Living rose as much as 3.9% during the day to Rs 187.27 apiece on the NSE. It was trading 2.52% higher at Rs 184.6 apiece, compared to a 1.1% advance in the benchmark Nifty 50 as of 2:25 p.m.
The stock has risen 61% in the last 12 months and 28% on a year-to-date basis. The total traded volume so far in the day stood at 0.6 times its 30-day average. The relative strength index was at 61.
Eight out of the 10 analysts tracking the company have a 'buy' rating on the stock and two recommend a 'hold', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 11.3%.
