Welspun India hits Upper Circuit at Rs 53
DSIJ Intelligence / 02 Sep 2016
En-cashing on the unique opportunity of buying a share when its beaten down by almost 60 per cent from its recent highs, on September 01, 2016 Wasatch Emerging Markets Fund bought 63.62 lakh shares of Welspun India. Wasatch Emerging Markets Small Cap Fund bought 63,62,881 shares of Welspun India at Rs 50.89 on the NSE.
One of the most widely discussed stock in the market circle recently has been Welspun India.The stock has seen a remarkable fall in share price from Rs 100 per share to Rs 46 per share in not more than 5 trading sessions. The heavy damage in share price was due to some of its biggest clients cancelling their orders, claiming poor quality supplies.
The markets seemed to have overreacted to the news and the stock touched lower circuit on consecutive trading sessions. Welspun India on Friday has hit Upper Circuit and is trading at Rs 53.65 per share.
En-cashing on the unique opportunity of buying a share when its beaten down by almost 60 per cent from its recent highs, on September 01, 2016 Wasatch Emerging Markets Fund bought 63.62 lakh shares of Welspun India. Wasatch Emerging Markets Small Cap Fund bought 63,62,881 shares of Welspun India at Rs 50.89 on the NSE.
Welspun India had touched its 52- week high of Rs 119.90 on June 14, 2016 and the stock touched its 52-week low at Rs 46.05 on August 30, 2016.
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