Welspun Ent in focus: Shares of Welspun Enterprises rose as much as 4.49 per cent to hit an intraday high of Rs 596.95 per share on Tuesday, September 3, 2024.
The share of Welspun Enterprises soared after the company announced that its Board is scheduled to meet on September 5 to consider and approve the proposal of raising of funds.
In an exchange filing, the company said, Notice is hereby given that a meeting of the Board of Directors of the Company is scheduled to be held on Thursday, September 5, 2024, inter alia, to consider and approve the proposal of raising of funds by way of issuance of any securities for cash or otherwise, including equity shares, or any other eligible securities through permissible modes, including by way of a private placement, preferential allotment, qualified institutions placement (‘QIP’), in one or more tranches, in accordance with the applicable provisions of the Companies Act, 2013 and the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018.”
The company, however, did not disclose the fundraising amount.
Q1FY25 financial performance
Welspun Enterprises’ Q1FY25 consolidated profit rose 18.2 per to Rs 109.7 crore, as against a consolidated profit of Rs 92.8 crore in June quarter of financial year 2024 (Q1FY24).
The total income of the company in Q1FY25 increased to Rs 959.8 crore, from Rs 750.04 crore in the same period a year ago.
Welspun Enterprises Limited is an infrastructure development company involved in key sectors such as roads, water, and oil and gas.
Notable projects include the timely completion of the Delhi–Meerut Expressway, extensive water supply and wastewater infrastructure, and initiatives aligned with responsible oil and gas exploration.
Additionally, Welspun Enterprises undertakes mass housing, township projects, multi-storied buildings, and industrial developments for coal mines, fertiliser plants, and petrochemicals.
The market capitalisation of Welspun Enterprises is Rs 7,935 crore, according to Bombay Stock Exchange (BSE). The company falls under the BSE SmallCap category.
The 52-week high of Welspun Enterprises stock is Rs 619 per share while its 52-week low is Rs 241 per share.
At 11:14 AM, shares of Welspun Enterprises were trading 0.37 per cent higher at Rs 573.35 per share. In comparison, BSE Sensex was trading 0.08 per cent lower at 82,497.21 levels.
First Published: Sep 03 2024 | 12:20 PM IST
