/ Welspun Enterprises Plunges 4% Approves Rs 227 Crore Buyback Offer ~ Ways2Capital|Stock Tips|Stock Market Tips|Intraday Stock Tips|Stock Trading Tips|NSE BSE Tips

Friday, 23 December 2016

Welspun Enterprises Ltd is currently trading at Rs 59.15, down by Rs 2.3 or 3.74% from its previous closing of Rs 61.45 on the BSE.  Welspun Enterprises a part of $2.3 billion Welspun Group, on Thursday announced plans to buy back up to 25% of its share capital at a price of Rs 62 per equity share. 

“With a view of utilising the company’s substantial cash reserves and in order to enhance shareholder value, the board has approved buy back of 25% of the company’s share capital,” the company said in a filing to BSE. The Rs 227-crore buyback would be subject to shareholders’ approval.

The scrip opened at Rs 59.85 and has touched a high and low of Rs 60.5 and Rs 58.55 respectively. So far 492642 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 1070.95 crore.

The BSE group 'B' stock of face value Rs 10 has touched a 52 week high of Rs 75.3 on 03-Nov-2016 and a 52 week low of Rs 43 on 12-Feb-2016. Last one week high and low of the scrip stood at Rs 67.9 and Rs 59.4 respectively. The promoters holding in the company stood at 37.35 % while Institutions and Non-Institutions held 14.41 % and 40.31 % respectively. The stock is currently trading below its 50 DMA.
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