Equity Alert: Welspun Gujarat up on report co eyeing US retailer
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K.Karthik Raja
Jun 11, 2008, 2:01:36 AM6/11/08
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Equity Alert: Welspun Gujarat up on report co eyeing US retailer
Shares of Welspun Gujarat Stahl Rohren were up nearly 1%
at 382.50 rupees on reports the company is in a race to acquire U.S.-
based home furnishing retailer Linens 'n Things.
The retailer had filed for bankruptcy last month on poor sales due
to the slump in U.S. housing market.
The acquisition could weigh heavily on the company's books
as valuations for Linens 'n Things seem to be expensive.
The company is setting up its plant in U.S., which should be
operational by July. At this moment, it would not be a great idea to
go for the deal.
The stock has strong resistance at 390.00 rupees intraday. If it
breaks that level, it can trade above 420.00 rupees, a dealer said.
On NSE,197,036 shares of the company have been traded so far
today.
Shares of Welspun Gujarat Stahl Rohren were up nearly 1%
at 382.50 rupees on reports the company is in a race to acquire U.S.-
based home furnishing retailer Linens 'n Things.
The retailer had filed for bankruptcy last month on poor sales due
to the slump in U.S. housing market.
The acquisition could weigh heavily on the company's books
as valuations for Linens 'n Things seem to be expensive.
The company is setting up its plant in U.S., which should be
operational by July. At this moment, it would not be a great idea to
go for the deal.
The stock has strong resistance at 390.00 rupees intraday. If it
breaks that level, it can trade above 420.00 rupees, a dealer said.
On NSE,197,036 shares of the company have been traded so far
today.
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