DSIJ Mindshare

Is Welspun India regaining its lost shimmer?

Welspun India which was the major loser last week, has however on Aug 29 opened in the positive. The shares which previously closed at Rs 49.70, have opened at Rs 52.15, gaining almost 5 per cent on an intraday basis. After a major correction, it looks like the company is trying to stand on its own feet once again. In the entire episode of Welspun and Target Corp., the scrips of the company have taken a toll by plunging more than 50 per cent.

As per the latest development company has informed the bourse that it has appointed Ernst & Young LLP to review company’s supply chain system and processes. Well, the third party, Trident which stole the show earlier, now on Aug 29 is continuing to gain on an intraday basis. Shares of the company are trading at Rs 58.95, up by 5.27 per cent. According to some media houses, Target Corp., which broke all the ties with Welspun will likely now engage with Trident to supply cotton bed sheets.

All eyes will be on the Ernst & Young's report, which will rectify the error; however, the entire episode, and the allegation made by Target Corp, on supplying phony Egyptian cotton sheets has not only dampened the share prices but has taken a toll on the brand equity of Welspun India.

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