Welspunind adjusting its price amid buyback offer.

Stock price closed 6% upside today. LTP: 102.80

Textile manufacturer Welspun India price is hiking towards its upper level amid buyback offered price. Company offered buyback of 120 rs per share for an aggregate amount of Rs. 200 crore. Companies Consolidated March 2021 Net Sales was at Rs 568.82 crore, up 20.84% Y-o-Y. Stock price raised 11% in last month and 117% in last 1 year.

While Sector PE is going in negative trend, this stock outperformed and provided dividend of 0.15% which is a good sign for the company. EBITDA value increasing year on year which is a positive sign which is adding good fundamental values for this stock.

Stock closed at 102.80 which is 6 % higher compared to previous day closing price. Stock today reached 105.70 in NSE. It crosses Resistance level 1 of 102.61 and touched Resistance level 2 of 105.20. Next Resistance level lies at 117. We can expect further upside movement on upcoming trading session.

For long term, definitely this stock will be a good bet.