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Published on 10/05/2019 1:22:46 PM | Source: HT Media

Welspun Corp board to consider share buyback, stock jumps

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New Delhi: Welspun Corp Ltd, the flagship firm of the Welspun Group, today said that its board will meet next week to consider buyback of shares. Shares of Welspun Corp were trading 2.5% higher at ₹243.5 in noon trade. A board meeting of the company will be held on May 14, 2019 "to consider proposal to buyback the fully paid-up equity shares", Welspun Corp said in a BSE filing. The company, however, did not elaborate on the matter.

Welspun Corp board will also consider the financial results for the year ended March 31, 2019, and recommendation of dividend on equity shares for fiscal year ended March 31, 2019, the filing added.

Welspun Corp is among the largest welded line pipe manufacturing companies in the world.

Welspun Corp shares had hit a 52-week high of ₹186 last year in September.

On a consolidated basis, in the third quarter ended December 31, Welspun Corp had reported a net profit of ₹30.1 crore as compared to ₹66.4 crore in the same period of the previous year. Comparable quarter in FY18 had a tax credit of around $10 million due to the tax rate change in the US. IT total income from operations rose 15% year on year to ₹2,657.8 crore.

While announcing its Q3 numbers, Welspun Corp had reported a pipe order book of 1,656 KMTs ( ₹14,800 crore).