Merrill Lynch Capital Markets has picked 0.58% stake in Welspun Projects on Thursday for Rs 7.18 million.

Merrill Lynch has bought 231,769 shares in the company at a price of Rs 31 a share.

Shares of Welspun Projects reacted positively on Friday to the bulk deal activity yesterday. It settled at Rs 32.50, up Rs 1.50, or 4.84% at the Bombay Stock Exchange (BSE) on Friday. The total volume of shares traded at the BSE is 11,470.

In the earlier session, the shares declined 2.05%, or Rs 0.65, at Rs 31.00.