Nauyaan Shipyard is a company with objects of ship building, shippers, ship-owners, repairers, re-fitters, fabricators etc. Nauyaan presently does not have any material assets or liabilities.

Welspun has made the said acquisition with an intention to make it a wholly owned subsidiary and a special purpose vehicle for investment in the field of marine fabrication.

Welspun Corp is a one-stop service provider offering end-to-end pipe solutions.

The company's consolidated net profit declined 95.78% to Rs 4.11 crore despite a 3.69% rise in sales to Rs 1,288.23 crore in Q1 FY23 over Q1 FY22.

In the past six months, the stock has zoomed 92.05% while the benchmark Sensex has added 3.50% during the same period.