Shares of Welspun Corpwill remain in action on Thursday, as the company is demerging its other businesses into Welspun Enterprises. The record date has been fixed on February 20 to determine the eligible shareholders. Post-demerger, WEL will focus on steel, infrastructure, oil and gas exploration and energy businesses, while Welspun Corp will now focus on the pipe and plates business. The demerger creates a mirror shareholding across both entities resulting in no equity dilution for any shareholder.

Reliance Broadcast Network delisting

Reliance Broadcast Network will be in focus as the delisting offer was over on Tuesday. The details of the offer will trickle in next week. The company had set the floor price at ₹46.47, lower than the market price. Most of the offer was tendered at ₹59. It remains to be seen whether the company would accept the higher price or back off from delisting due to higher price. It received bids for 19.49 lakh shares against the offer for 20 crore shares. This will make the delisting difficult (according to the data).

Kalpataru Power shoots up

Kalpataru Power Transmission zoomed 20 per cent on Wednesday hitting the upper circuit limit. The volume was extraordinary in the session. So far this week, the stock has gained 26 per cent. It has decisively breached its 50-day and 200-day moving averages. Moreover, with the recent surge, the stock has broken through an important long-term resistance at ₹84. The next resistance to watch is at ₹100, a psychological level, and beyond that at ₹110. Important short-term supports are present at ₹84, ₹77 and ₹71.

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