Welspun Corp climbs 10% as nearly 58 lakh shares change hands
Shares of the company traded at their 13-month lows in August this year after Target Corp, one of its largest customers, cut ties with the company citing poor quality cotton in its orders.
Shares of Welspun Corp jumped over 10% in morning trade on Wednesday on BSE Sensex after 58.5 lakh shares changed hands in a block deal.
Shares of Welspun Corp were trading at Rs 80.80 per piece at 11 am, up by Rs 5.50 or 7.30%.
Buyers and sellers of these shares, representing 2.2% of the equity capital of the company, were not immediately known.
Bloomberg data show that this jump of nearly 11% is the highest the stock has touched since November 30, 2016.
Shares of another Group company Welspun India traded at their 13-month lows in August this year after Target Corp, one of its largest customers, cut ties with the company citing poor quality cotton in its orders.
Target Corp had said, "We have informed Welspun that, due to this conduct, we are in the process of terminating our relationship with them."
Shares of Welspun India touched their highest point this year in June when it reached Rs 108.9 per share. On August 24, 2016, it touched its lows of Rs 59.5 per share.
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