Welspun India to discuss share buyback, dividend during meeting on 27 April
1 min read 25 Apr 2023, 06:15 AM ISTWelspun India will consider share buyback in its Board of Directors meeting to be held on April 27. The company will also recommend dividend for the FY 2022-23
PremiumWelspun buyback: Welspun India will discuss upon buying back its equity shares and dividend announcement during its meeting scheduled on April 27, the company said in its stock filing on Monday. The company will also announce its Q4FY23 results after the completion of its board meeting.
Despite closing 0.49% down at ₹83.06 apiece on Monday, the company shares have been rallying since the announcement of the date of board meeting to declare Q4 results. The company had a market capitalisation of ₹7,514.65 crore on BSE on Monday. It has closed the trading window for all the designated person, insiders and their relatives to prevent insider trading.
“This is to inform you that in addition to financial results for the quarter and year ended March 31, 2023, the Board of Directors will, inter alia, consider the following agenda at its meeting scheduled to be held on Thursday i.e April 27, 2023: 1. Buyback of Equity Shares of the Company; 2. Recommendation of dividend for the year ended March 31, 2023," the company said in its stock filing.
“In pursuance to the Code of Practices, Procedures for Fair Disclosure of Unpublished Price Sensitive Information (“UPSI") and Conduct of Regulating, Monitoring & Reporting of trading by Insiders of Welspun India Limited, the Trading window for dealing in the securities of the Company is already closed for all Insiders including Designated Persons and their immediate relatives w.e.f. April 1, 2023 and will open 48 hours after the declaration of Unaudited Financial Results for the quarter and year ended March 31, 2023," it added about insider trading.
Welspun India to announce its Q4 earnings
In addition to announcing details of share buyback and dividend, Welspun India will also announce its Q4FY23 results on April 27. The company reported a whopping 563 per cent QoQ rise in its net profit to ₹51.98 crore in the quarter ended in December against ₹7.84 crore in Q2Fy23. However, its net revenue rose by 10 per cent to ₹1,378.09 crore in Q3FY23 from ₹1,529.61 crore in Q2FY23.
The company's share value has increased by 8.29 per cent YTD. On the other hand, its share value dropped by 7.66 per cent in last one year.
