Welspun Enterprises share price jumps 3% ahead of board meeting for buyback, dividend

Welspun Enterprises share price: Construction engineering company Welspun Enterprises on Tuesday informed that the board of directors will hold a board meeting on Friday, December 30 to discuss proposals for buyback of equity shares and payment of interim dividend. 

“This is to inform you that the Board of Directors will consider the following proposals at its meeting scheduled to be held on Friday, i.e. December 30, 2022: (i) Buyback of equity shares and (ii) Declaration of interim dividend,” regulatory filing read. 

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Meanwhile, the shares of Welspun Enterprises climbed over 3 per cent and quoted Rs 166.25 apiece. On BSE the scrip traded at Rs 166.25 per share. 

Zee Business panelist, Kunal Saraogi said that the stock has outperformed in last two trading sessions and has seen sharp recovery from the lower levels.

According to Saraogi, investors should hold positions with a stop loss of Rs 150. The price target would be Rs 170, he said.

YTD, the scrip has delivered a stellar return of around 80 per cent. In the past 6-months, it has advanced 74 per cent. The 52-week range of the stock is from Rs 172.20-Rs 69 apiece. The company has a market cap of Rs 2,496 crore. 

Welspun Enterprises Ltd. (WEL) is a part of Welspun Group, is an infrastructure development company. WEL specialises in road and water projects under the Hybrid Annuity Model (HAM) and via large-value Engineering, Procurement and Construction (EPC) contracts. It also selectively undertakes Build-Operate-Transfer (BOT) projects.

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