Welspun India buyback approval to raise stock prices

The global markets which are generally witnessing low volumes of trade due to holiday season continue to trade flat to negative. The Indian markets are no different, the Sensex and Nifty on December 22 both shed one per cent each. However, it would be interesting to see whether Welspun India can attract volumes as the board of the company has approved buy-back of its equity shares in a meeting held on December 22.

Welspun India has informed the bourses that the company board has approved a buy-back of 25 per cent of its share capital. The company intends to buy-back the equity stocks at a price Rs 62 per share.   On December 22, the stock of the company closed at Rs 61.45, down by 4.95 per cent. The total aggregate value of the buy-back is around Rs 270 crore.The stock in the last three months has fallen by six per cent. Fifty-two-week high/low of the stock stands at Rs 75.30/43.