Welspun India surges 4% on share buyback proposal

The board of directors will meet on April 27 to consider a share buyback, approve Q4 and FY23 results and also recommend a dividend for the year ended March 31, 2023, the company has said

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Shares of Welspun India surged four percent in the morning trade on April 25 after the company said it would consider a share buyback proposal in its upcoming board meeting.

In addition to financial results for the quarter and year ended March 31, 2023, the Board of Directors will, inter alia, consider at its meeting on April 27, a share buyback plan and recommendation of dividend for the year ended March 31, 2023, the company told exchanges.

At 9.42 am, shares of Welspun India were trading 3.4 percent higher at Rs 85.9 on the NSE. The stock has rallied 30 percent in the past month and risen over 200 percent in the past three years.

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Axis Securities expects the company and home textile sector to face weak demand for another two or three quarters, though several structural changes and optionalities can enhance their prospects. The brokerage firm upgraded its rating on the stock after the December quarter earnings to “hold” from “sell”.

Several opportunities are also on the horizon, the largest being the UK and Eurozone free-trade agreement, analysts said.

The company said it sees profitability improving due to a fall in cotton prices and normalising of ocean freights. It has reduced the net debt level to Rs 1,909 crore and targets to deleverage further.

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