Welspun India announced to become the first Indian company to get US FDA 510(k) approval for its 3 Ply Surgical Masks. The company says these 3 Ply Surgical Masks are made with 100% polypropylene and offer 98% protection against bacterial load, the WN-95 FFP 2 respiratory masks have been approved for global markets including Europe, Asia Pacific, Middle East, and Africa amongst others.
Welspun India has rallied nearly 123% as compared to 53.7% for the Nifty500, in the last twelve months. It has a Relative Strength Rating of 74 which is a respectable rating, but needs improvement. The EPS Rank of 85 is exceptional indicating outperformance in earnings growth.
The stock has an Accumulation/Distribution Rating of A. This represents heavy institutional buying over the past 13 weeks. The number of institutional sponsors and shares held by the sponsors, both increased in the most recent quarters.
Today Welspun India has reclaimed the 21-day moving average after a brief pullback in the recent trading sessions. The stock closed 9.5% up on a 197.2% greater volume than the 50-day average. Rising stocks often rebound from their 21-day lines as big investors use it as a reference point to add shares to their positions, creating a price support. You may want to keep an eye on the stock for further supporting actions.