Sleepwell Shares Gain After Rs 21 Crore Insurance Win
The company was also granted Rs 7.5 lakh for mental anguish and losses, and Rs 2.5 lakh for legal expenses.
Shares of Sheela Foam Ltd. gained on Friday after it was granted insurance claim worth Rs 21.38 crore.
The maker of Sleepwell mattresses was granted a Rs 21.38 crore compensation for an insurance claim, along with an interest rate of 10% from the date of rejection on July 27, 2020, by the District Consumer Disputes Redressal Commission in East Delhi.
The order was announced in favour of the company on March 11 in the matter of an insurance claim. The order was uploaded on its website on April 3, an exchange filing said.
"Additionally, the company has been granted Rs 7,50,000 for mental anguish and losses and Rs 2,50,000 for legal expenses," it said.
Shares of the company rose as much as 6.55%, the highest level since April 3, before paring gains to trade 3.66% higher at 10:08 a.m. This compares to a 0.18% decline in the NSE Nifty 50.
The stock has fallen 6.61% in the last 12 months. Total traded volume so far in the day stood at 2.11 times its 30-day average. The relative strength index was at 47.58, indicating that the stock may be overbought.
Of the four analysts tracking the company, three maintain a 'buy' rating and one suggests a 'sell', according to Bloomberg data. The average 12-month analysts' price target implies an upside of 16.8%.
