Welspun Corp shares rise 6% after Jefferies assigns Buy rating and Rs 3,250 target
Global energy infrastructure spending drives positive outlook for the world's largest welded line-pipe manufacturer as analysts predict a multi-year expansion phase.
Welspun Corp shares advanced approximately 6 percent during Thursday's trading session. Jefferies initiated coverage with a Buy rating and established a price target of Rs 3,250, referencing a potential upside of 27 percent from their baseline valuation. The brokerage attributes this optimism to expected increases in energy and water infrastructure spending within the United States and Saudi Arabia over the next few years. Their analysis highlights Welspun's operational capacity, including local manufacturing presence and a robust order book, as key drivers for earnings visibility. At the time of publication, the stock traded at Rs 2,669.70 on the National Stock Exchange, having opened at Rs 2,554.70 against its previous close. Over the past month, Welspun's stock price increased by 51.51 percent, significantly outperforming benchmark gains. Free-float market capitalization remains at Rs 33,944 crore.
