Welspun Corp Share Price Today: Welspun Corp shares were buzzing in trade on Thursday, with the stock rising as much as 6.06% to hit a fresh all-time high of Rs 2,675 per share.
At 9:45 am, Welspun Corp shares were trading 3.38% higher at Rs 2,607.30 per share. In comparison, the BSE Sensex was trading 0.42% higher at 76,894 levels.
The sharp move in the stock came after Jefferies initiated coverage on Welspun Corp with a ‘Buy' rating and a target price of Rs 3,250, implying further upside from the current market price.
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Jefferies On Welspun Corp
Jefferies sees Welspun Corp benefiting from a multi-year upcycle in oil and gas infrastructure spending, particularly in the US and Middle East. The brokerage highlighted the company's position as a global leader in welded line pipes, with its local manufacturing presence helping it tap rising US oil and gas capital expenditure.
The brokerage also sees major opportunity in Saudi Arabia, while noting that India offers longer-term potential despite near-term uncertainty in demand. Jefferies expects the company's growth outlook and strong return on equity to support its bullish view.
Jefferies' Rs 3,250 target price represents about 27% upside from the level at which the brokerage initiated coverage.
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