Welspun Corp is showing some activity today. After three days of constant fall, the stock which had closed at Rs.133.60 yesterday, opened today at Rs.136.55, going to an intraday high at Rs.138.95.
The market is happy that the Competition Commission of India has approved the company’s plan to sell plates and coils mills division (PCMD) to Laptev Finance for Rs.848.50 crore.
PCMD has been identified as a non-core asset and the company has entered into an agreement to divest this. The objective is to move towards an asset-light model to achieve improvement in its profitability and return ratios.
The company is yet to sell Welspun Captive Power Generation. It had announced earlier that it plans to sell Laptev and the power unit for a total of Rs.940 crore.