India steel import curbs to benefit company: Welspun Corp

MIP recently notified by the Directorate General of Foreign Trade, Government of India on certain iron and steel products which will be valid up to 6 months from the date of notification or until further orders, whichever is earlier, will have beneficial effects on India business.

Welspun Corp Ltd has announced that "the Minimum Import Price (MIP) recently notified by the Directorate General of Foreign Trade, Government of India on certain iron and steel products which will be valid up to 6 months from the date of notification or until further orders, whichever is earlier, will have beneficial effects on India business due our backward integration into manufacturing of plates and coils besides our presence across large parts of pipe business' value chain."

Welspun Corp Ltd is currently trading at Rs. 93.5, down by Rs. 0.4 or 0.43% from its previous closing of Rs. 93.9 on the BSE.

The scrip opened at Rs. 95 and has touched a high and low of Rs. 95 and Rs. 93.5 respectively. So far 13487(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 2471.22 crore.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 153.6 on 05-Aug-2015 and a 52 week low of Rs. 51.9 on 27-Mar-2015. Last one week high and low of the scrip stood at Rs. 107 and Rs. 89.9 respectively.

The promoters holding in the company stood at 41.11 % while Institutions and Non-Institutions held 15.37 % and 34.77 % respectively.

The stock is currently trading above its 200 DMA.