Welspun India gets USFDA nod for 3 Ply Surgical Masks; stock zooms 10%
The mid-cap stock has risen 102 per cent since the beginning of this year and has delivered 143 per cent return in the last 12 months
- Sep 6, 2021,
- Updated Sep 6, 2021 5:30 PM IST
Shares of Welspun India rose 10 per cent to hit an intraday high of Rs 138.8 on BSE after the firm received the USFDA nod for its 3 Ply Surgical Masks.
"Welspun India Limited has now become the first Indian company to receive one of the stringent and most recognized quality approval i.e. US Food and Drug Administration (FDA) 510 (k) clearance for its 3 Ply Surgical Masks. Certified by BIS and CE already, this product from Welspun India Ltd has got all required certifications to supply to global markets including critical medical uses," the company said.
The stock ended 8.75 per cent higher at Rs 137.35 against the previous close of Rs 126.30. With a market capitalisation of Rs 12,426.40 crore, the shares stand higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The mid-cap stock has risen 102 per cent since the beginning of this year and has delivered 143 per cent return in the last 12 months.
Speaking on this, Ms. Dipali Goenka, Jt. MD & CEO of Welspun India Ltd commented, "Welspun has always pioneered innovation and aimed to set global benchmarks for excellence. I am delighted that Welspun India is the first Indian Company to receive US FDA 510(k) clearance for its 3 Ply Surgical Masks.
"This is a remarkable validation of our philosophy of keeping 'people ahead of everything' and we will channelize the momentum to further take the quality of healthcare products a notch higher at the global stage," she added.
"Following the latest clearances, both masks can be supplied in the international market. Welspun had earlier also gained CE certification for a Half Face Respirator with Valve for increased Covid-19 protection, which was also tested and verified by an international agency," the company said.
According to MarketsMojo, the company has declared positive results for the last 3 consecutive quarters. Also, The technical trend has improved from Mildly Bullish on 30-Jun-21 and has generated 42.41% returns since then. The stock is technically in a Bullish range and multiple factors for the stock are Bullish like MACD, Bollinger Band and KST.
The stock is trading at a discount compared to its average historical valuations and with an ROCE of 14.7, it has a Fair valuation with a 2.5 Enterprise value to Capital Employed. Also, the institutional investors have increased their stake by 1.03% over the previous quarter and collectively hold 14.18% of the company.
Welspun's 3 Ply Surgical Masks are made with 100% polypropylene and offer 98% protection against bacterial load.
Shares of Welspun India rose 10 per cent to hit an intraday high of Rs 138.8 on BSE after the firm received the USFDA nod for its 3 Ply Surgical Masks.
"Welspun India Limited has now become the first Indian company to receive one of the stringent and most recognized quality approval i.e. US Food and Drug Administration (FDA) 510 (k) clearance for its 3 Ply Surgical Masks. Certified by BIS and CE already, this product from Welspun India Ltd has got all required certifications to supply to global markets including critical medical uses," the company said.
The stock ended 8.75 per cent higher at Rs 137.35 against the previous close of Rs 126.30. With a market capitalisation of Rs 12,426.40 crore, the shares stand higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The mid-cap stock has risen 102 per cent since the beginning of this year and has delivered 143 per cent return in the last 12 months.
Speaking on this, Ms. Dipali Goenka, Jt. MD & CEO of Welspun India Ltd commented, "Welspun has always pioneered innovation and aimed to set global benchmarks for excellence. I am delighted that Welspun India is the first Indian Company to receive US FDA 510(k) clearance for its 3 Ply Surgical Masks.
"This is a remarkable validation of our philosophy of keeping 'people ahead of everything' and we will channelize the momentum to further take the quality of healthcare products a notch higher at the global stage," she added.
"Following the latest clearances, both masks can be supplied in the international market. Welspun had earlier also gained CE certification for a Half Face Respirator with Valve for increased Covid-19 protection, which was also tested and verified by an international agency," the company said.
According to MarketsMojo, the company has declared positive results for the last 3 consecutive quarters. Also, The technical trend has improved from Mildly Bullish on 30-Jun-21 and has generated 42.41% returns since then. The stock is technically in a Bullish range and multiple factors for the stock are Bullish like MACD, Bollinger Band and KST.
The stock is trading at a discount compared to its average historical valuations and with an ROCE of 14.7, it has a Fair valuation with a 2.5 Enterprise value to Capital Employed. Also, the institutional investors have increased their stake by 1.03% over the previous quarter and collectively hold 14.18% of the company.
Welspun's 3 Ply Surgical Masks are made with 100% polypropylene and offer 98% protection against bacterial load.