Welspun Corp gains nearly 3% as board to consider buyback

Shares of Welspun Corp rose nearly 3 percent in the early trade on Friday as company board is going to consider buyback of shares.

The company's board meeting is scheduled on May 14 to consider proposal of buyback of the fully paid-up equity shares of the company.

The board will also consider the financial results for the year ended March 31, 2019 and recommendation of dividend on equity shares.

Also, the company received additional pipe orders of 103 KMT which will be serviced from India.

The company’s order book stands at 1,698 KMT valued at Rs 149 billion after considering the above additions and the execution up to April 2019.

At 09:22 hrs Welspun Corp was quoting at Rs 143.75, up Rs 3.75, or 2.68 percent on the BSE.

The share touched its 52-week high Rs 186.90 and 52-week low Rs 89.30 on 06 September, 2018 and 18 February, 2019, respectively.

Currently, it is trading 23.49 percent below its 52-week high and 60.13 percent above its 52-week low.