Welspun Enterprises' stock jumps 8% after the board authorizes the issuance of convertible warrants worth ₹1,000 crore.

On Wednesday, October 15, Welspun Enterprises Ltd.'s stock increased by as much as 10% following the company's approval of a plan to issue convertible warrants in order to raise up to ₹1,000 crore. Each warrant would be priced at ₹525 and the money will be raised through a preferential offering on a private placement basis. The company's consolidated net profit for the most recent quarter was ₹100.3 crore, a 30% year-over-year increase. Compared to ₹823 crore in the same quarter previous year, revenue increased 24% year over year to ₹1,021.5 crore. While operating margins increased to 14.94% from 13.74% a year earlier, EBITDA jumped 35% to ₹152.62 crore.