Welspun Corp Ltd shares surged as much as 8.5% in intraday trade on Tuesday after the company reported an eight-fold increase in its consolidated profit for the third quarter ended December (Q3) compared with a year ago.
The Welspun Corp stock hit a high of Rs 188 apiece on Tuesday, its highest level in 52 weeks. At 11:44 am, the share price stood at Rs 184.95, up 6.75% compared with its previous close. Notably, the stock has climbed by a massive 81% in the past one year compared with an over 7% rise in the benchmark Nifty 50 index.
Welspun Corp on Monday said its consolidated net profit rose to Rs 223.48 crore in the third quarter of the year compared with Rs 30.08 crore in the year-ago quarter.
The company’s total income stood at Rs 2,906.71 crore during the December quarter compared with Rs 2,443.02 crore in the year-ago period.
The company’s board of directors also declared an Interim dividend at the rate of 200% of Rs 10 per share on 260,869,395 equity shares of Rs 5 each.
The board of directors of the company fixed 13 February as the record date for the purpose of determining the shareholders eligible for interim dividend. The Interim dividend shall be paid on and after 20 February 2020.
Mumbai-based Welspun Corp Ltd is the second largest manufacturer of large diameter pipes in the world. It is a flagship company of the $3 billion Welspun Group. It operates a 1.65 mtpa plant in Anjar, Gujarat.
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