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Welspun India News
Home textile maker Welspun takes Rs 37 crore hit due to rupee fluctuation
Thu, Oct 25, 2018
Welspun India, which reported 18.7% on-year growth in profit after tax at Rs 114.8 crore for the July-September quarter of this fiscal, saw its margins getting impacted owing to depreciating rupee against the dollar.
Welspun India Q3 net falls 47.07% to Rs 79.51 crore
Tue, Feb 13, 2018
The company said its income declined on account of volume decline due to customer destocking, coupled with GST impact on duty drawback
Welspun India to invest Rs 4000 crore in three textile projects in Gujarat, shares gain
Wed, Jan 11, 2017
BK Goenka, Chairman of Welspun Group said, “Our continuous investment in the state is a testament to our long term commitment to Gujarat. It is our aim to make Gujarat the textile hub of the world. Welspun continues to invest into development of well-researched products and technology of the future and the current investment is in line with this philosophy.”
Welspun Corp climbs 10% as nearly 58 lakh shares change hands
Wed, Dec 21, 2016
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.
Welspun secures patent for new line of augmented reality home decor
Fri, Sep 23, 2016
Welspun India today said in release, "It has secured the 'Interactive Textile Article and Augmented Reality System' patent which protects the company's new product line TILT."
Wal-Mart to stop selling Egyptian cotton sheets made by Welspun India
Sat, Sep 10, 2016
Wal-Mart said it will not cut ties with Welspun but will work with them to implement strong controls and better label the products.
Welspun India appoints EY to probe US export lapses; stock closes down nearly 9%
Fri, Aug 26, 2016
Welspun India on Friday said it has appointed consultancy firm Ernst & Young (EY) to look into alleged lapses in its products supply after the US-based Target Corporation terminated contract with the textiles maker.
Welspun India's woes deepen; tough times ahead
Thu, Aug 25, 2016
The problem for Welspun India has already gone beyond Target Corp. Several retailers, as mentioned above have already started questioning their credibility and have either launched or are planning to launch an audit into their products.
Welspun India to appoint external auditor to look into alleged supply lapses
Thu, Aug 25, 2016
Welspun India is appointing an external auditor 'one of the Big Four' to look into alleged lapses in its products supplied to clients and expecting the process to get completed in about six to eight weeks, as US-based Target Corp terminated contract with the textiles maker.
More US retailers probing Welspun India over alleged phony Egyptian cotton
Thu, Aug 25, 2016
US retailer Bed Bath & Beyond on Wednesday said it ordered an external audit of textiles from Welspun India, after Target Corp last week accused the Indian manufacturer of passing off cheap sheets as premium Egyptian cotton for two years.
Target Corp shock: Welspun India trades at 13-month low
Wed, Aug 24, 2016
Welspun India's share took a beatin after Minneapolis-based Target Corp, one of Welspun India's largest customers, cut ties with the company, accusing it of using lower quality cotton for making bedsheets between August 2014 and July 2016.
Welspun India shares continue to fall by 20% after Target Corp cuts ties
Tue, Aug 23, 2016
Nearly, 44,34,130 shares were sold from the investors.
Welspun India shares bleed by 20% after Target Corp accuses over cotton supply
Mon, Aug 22, 2016
"We have initiated immediate actions to investigate the root cause. We are appointing external auditor (one of the Big Four) to audit our suply systems and processos. This is an issue of highest priority for us and we will take all necessary steps to dissolve it," Welspun India said in the statement.