Welspun Enterprises zooms seven per cent on stake sale

Welspun Enterprises is certainly the 'Stock of the day' on December 26. Welspun Enterprises in a press release has informed BSE that the Board of Directors of the company has, subject to the approval of the members of the company, approved sale of its entire investment of 60,493,342 equity shares representing 15.49 per cent in the paid up equity share capital of Welspun Energy.

The stock of Welspun Enterprises which closed at Rs 59.50 on December 23, has opened seven per cent higher, and as at 9.17 a.m. was trading at Rs 60.75, up by 2.10 per cent. The 52-week high/low of the company stands at Rs 75.30/43.

On the other hand, the financial results of the company in the second quarter of FY17 have been excellent. Its net sales for the quarter stood at Rs 33.22 crore, an increase of 16.93 per cent YoY. Welspun Enterprises, which was a loss making firm in Q2FY16, has turned profitable in Q2FY17 and has posted a net profit of Rs 2.86 crore.