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Published on 30/05/2022 3:39:48 PM | Source: Accord Fintech

Welspun Corp jumps on getting nod for investment in Welspun Transformation Services

Posted in Stock Market| #Stock Market #Welspun Corp Ltd #Steel

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Welspun Corp is currently trading at Rs. 220.05, up by 14.05 points or 6.82% from its previous closing of Rs. 206.00 on the BSE.

The scrip opened at Rs. 211.00 and has touched a high and low of Rs. 222.05 and Rs. 205.00 respectively. So far 83886 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 250.50 on 20-May-2022 and a 52 week low of Rs. 106.00 on 23-Aug-2021.

Last one week high and low of the scrip stood at Rs. 250.00 and Rs. 186.60 respectively. The current market cap of the company is Rs. 5718.71 crore.

The promoters holding in the company stood at 50.01%, while Institutions and Non-Institutions held 16.64% and 33.35% respectively.

Welspun Corp has received approval from board of directors for investment in Welspun Transformation Services (WTSL), a newly incorporated company of the Welspun group, at par value, for 19% of the equity share capital of WTSL for an amount upto Rs 57 lakh. The investment is expected to be done during FY23. The Board of Directors of the Company at its meeting held on May 27, 2022 has considered and approved the same.

WTSL proposes to provide services for processing transactions relating to finance, HR, procurement, supply chain, information technology(IT), ITES etc. for the Company and its subsidiaries, both in India and abroad. WTSL will deploy robotic process automation (RPA), machine learning, artificial intelligence for improving productivity and controls. The Company proposes to use the services offered by WTSL for consolidating and scaling up its digital journey and business transformation.

Welspun Corp is the flagship company of Welspun Group, which is among the Largest Welded Line Pipe manufacturing companies in the world.