Welspun Specialty shares in focus on order to stop operations at Jhagadia plant

Shares of Welspun Specialty Solutions are in news today after the firm said Gujarat Pollution Control Board (GPCB) has directed the company to cease operations of its plant located at GIDC Jhagadia, Dist. Bharuch, on 15th day from the order date. The order also provides for the mechanism for its revocation and the company’s right to appeal against the same.

Welspun Specialty Solutions shares ended flat at Rs 38.76 on Thursday against the previous close of Rs 38.89 on BSE.

Market cap of the firm stood at Rs 2054 crore. Total 3.55 lakh shares changed hands amounting to a turnover of Rs 1.39 crore on BSE.

Welspun Specialty stock has a one-year beta of 0.7, signaling low volatility during the period. In terms of technicals, the relative strength index (RSI) of Welspun Specialty stood at 56.4, signaling it's trading neither in the overbought nor in the oversold zone.

Welspun Specialty shares stand higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.

Welspun Specialty shares have gained 34% in a year and fallen 2.86% in 2024.

"The financial impact of the order is not ascertainable at this point. Our team will be meeting and making necessary representations to authorities in this regard in order to seek a resolution at the earliest," said the firm.

Welspun Specialty Solutions is primarily engaged in the business of manufacture and distribution of steel and steel products. The company is a multi-product manufacturer of billet, bloom, ingot, rolled bar, bright bar and seamless pipes and tubes. Its product categories include alloy, stainless and special steel, and stainless and Ni-alloy pipes and tubes.