Welspun Living Shares Surge Over 9% On Hopes US-India Trade Deal Likely Soon

The shares of Welspun Living Ltd. surged over 9% in trade so far backed by high trading volumes. The scrip was trading at 12 times the volume of its 30-day average. The stock clocked in gains of over 10% this week. The gains came as US President Donald Trump said the two countries continued "negotiations to address the trade barriers.”

This was followed by Prime Minister Narendra Modi's response saying he is confident of the India-US trade talks concluding early.

Among recent developments, the company had announced the resignation of its chief financial officer, Sanjay Gupta. He resigned for personal reason and his resignation will be effective from Oct. 15, according to the filing.

Welspun Living stock rose as much as 9.41% during the day to Rs 125 apiece on the NSE. It was trading 9.19% higher at Rs 124.6 apiece, compared to an 0.57% advance in the benchmark Nifty 50 as of 9:44 a.m.

It had declined 33.21% in the last 12 months and 20.43% on a year-to-date basis. The total traded volume so far in the day stood at 12 times its 30-day average. The relative strength index was at 47.7.

Six out of the ten analysts tracking the company have a 'buy' rating on the stock and four recommend a 'hold', according to Bloomberg data. The 12-month analysts' consensus target price on the stock is Rs 161.1, implying an upside of 31.6%.