Shares of Welspun Corp hit their record high on Monday after the firm said it has won a prestigious order from the Middle East for supply of Coated LSAW Pipes and Bends for sour service. Welspun Corp stock touched an all time high of Rs 768.95, rising 3.92% on BSE. Market cap of Welspun Corp stood at Rs 20,136 crore on BSE. The multibagger stock has gained 95% in a year and risen 189.59% in two years. It climbed 431% in three years. Earlier, Welspun Corp stock opened higher at Rs 745.85 against the previous close of Rs 739.90.
Welspun Corp shares trades higher than the 5-day, 10-day, 20-day, 30-day, 50-day, 100-day, 200-day moving averages. Total 0.68 lakh shares changed hands amounting to turnover of Rs 5.12 crore on BSE. The stock fell to its 52-week low of Rs 376.55 on October 4, 2023.
In a communication to bourses, the company said, "We are pleased to announce the receipt of a prestigious order from the Middle East for supply of Coated LSAW Pipes and Bends for sour service. With this, the cumulative value of the line pipe orders received both in India and USA stands at Rs 1,348 Crore since our last disclosure made on 24th July, 2024. Execution of these orders will be during FY25 and FY26. The above is in compliance with Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 and the Company’s Code of Practices and Procedure for Fair Disclosure of Unpublished Price Sensitive Information."
Welspun Corp Limited is engaged in the business of manufacturing steel products and plastic products. The company is engaged in the business of production and coating of high-grade submerged arc welded pipes, hot rolled steel plates and coils. It is a service provider of welded line pipes, ductile iron pipes, stainless steel pipes, tubes and bars.