Welspun To Invest Rs 300 Cr (13-Jun-2010)
Welspun India Ltd., the textiles firm, is eyeing to boost the output of its products.
For which the company has earmarked an investment of Rs. 300 crore in order to streamline its 2 production facilities.
Mr. Akhil Jindal, Director of Welspun has said that the company''s facilities at Anjar and Vapi in Gujarat will undergo streamlining to hike production of towels, bed linens and rugs.
He said the company mainly eyes to increase the production of towels to 45,000 tonnes from 41,500 tonnes currently, bed linen to 52.5 mn metres from the existing 45 mn metres and rugs from 8 mn pieces to 10 mn pieces.
He said the company will utilize Rs. 156 crore raised through Qualified Institutional Placements (QIP) in April 2010 to finance the debottlenecking process.
The book runner for the issue was Motilal Oswal Securities.
Shares of Welspun India Ltd. is currently trading at Rs. 79.40, up by Rs. 2.10 or (2.72%) at 10:09 AM on BSE.
The stock hit an intraday high of Rs. 80.45 till now, as against the 52-week high of Rs. 116. The stock hit a low of Rs. 78.60 during the day. The stock had hit a 52-week low of Rs. 28.05 on 14th July 2009.
The stock opens at Rs. 79 at BSE. The total traded volume of the scrip on BSE till now stood at 5757.
Meanwhile today, the BSE Sensex is trading up by 182.84 points or (1.07%) at 17,247.79.
The NSE Nifty is trading up by 45.60 points or (0.89%) at 5,164.95.
Welspun India Ltd. has an equity capital of Rs. 73.09 crore as of 2010 March. The face value per share is Rs. 10. At the current price of Rs 79.4, the P/E multiple stood at 5.00 with book Value of 91.70 and P/BV at 0.87.
The total shareholding pattern of the company as on Dec 2009 stood at Promoters- 44.10%, Institutional Investors- 21.51%, General Public- 12.57% and other investors- 21.82%.
Considering the current price of Rs. 79.4 at 10:09 AM, the stock had underperformed the market over the past one month till 14/06/2010 fell 10.08% as compared to the Sensex''s return of 2.45% and NSE Nifty''s 2.45 % returns.
Considering the current price of Rs. 79.4 at 10:09 AM, the stock had underperformed the market over the past one quarter till 14/06/2010 fell 8.89% as compared to the Sensex''s return of -1.39% and NSE Nifty''s -1.39 % returns.
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