Welspun Living shares lost 4.6 per cent in intra-day trades on Thursday, August 29, and registered an intraday low of Rs 197.95 per share on the BSE. The drop in the company’s stock came after 2.13 million shares changed hands via multiple block deals.
Buyers and sellers of the block deals could not be ascertained immediately.
At around 12:31 PM, shares of Welspun Living were down 3.37 per cent or Rs 7 at Rs 200.55 per share. The market capitalisation of the company at around the same time stood at Rs 19,489.62 crore.
As per reports, promoters were the likely sellers of a 4.6 per cent stake in the company via block deals. The floor price was set at Rs Rs 197 per share.
In March, IDBI Bank had sold 11,03,857 shares, while Welspun Infra Developers had bought 9,45,661 shares at the time.
According to the shareholding data available on the BSE, there are eight promoters and a promoter group, holding a 70.5 per cent stake in the company. On the other hand, public shareholding in the company stood at 28.49 per cent.
That apart, Dalal Street also saw two other major block deals, that of IndiGo and PB Fintech today. In PB Fintech, 9.7 million shares changed hands on the counter on the BSE via multiple block deals, while nearly 22.65 million shares changed hands on the IndiGo counter via block deals, on the BSE
Welspun Living Q1FY25 result
Home textiles major Welspun Living had reported a 14.3 per cent increase in consolidated net profit to Rs 185.95 crore in the June 2024 quarter, compared to Rs 162.73 crore a year ago.
The company’s consolidated revenue from operations stood at Rs 2,536.49 crore in the quarter, compared to Rs 2,184.05 crore in the year-ago period. Total expenses in the first quarter were higher at Rs 2,335.11 crore, compared to Rs 1,998.65 crore in the corresponding period a year ago, the company’s financials showed.
Further, in a meeting held on July 24, 2024, Welspun Living’s board had approved a share buyback proposal for the purchase of over 12.6 million paid up equity shares of Re 1 face value each, for Rs 220 per share. The aggregate amount for the share buyback was pegged at Rs 278.44 crore.
In the past one year, shares of Welspun Living have gained 69.1 per cent, compared to the BSE Sensex’s rise of 25.8 per cent during the same period.
First Published: Aug 29 2024 | 1:38 PM IST
