Shares of multibagger Welspun Corp Ltd rose over 3% in early deals on Wednesday after the iron and steel firm said its associate firm announced multi contracts sign off with EPC contractors worth Rs 525 crore for manufacturing, supply of steel pipes and coating. Welspun Corp shares surged 3.44% to Rs 653.70 today against the previous close of Rs 631.90 on BSE. Market cap of the firm climbed to Rs 17,078 crore. The stock has gained 101.11% in a year and risen 215% in two years, delivering multibagger returns during the period.
Earlier, Welspun Corp stock opened higher at Rs 638.45 on BSE.
Welspun Corp shares are trading higher than the 5-day, 20-day, 30 day, 50-day, 100-day and 200-day moving averages. Total 0.14 lakh shares changed hands amounting to a turnover of Rs 91.72 lakh on BSE.
Market cap of Welspun Corp stood at Rs 17,078 crore on BSE.
The stock touched a record high of Rs 678.20 on July 24, 2024 and a 52-week low of Rs 309.85 on August 18, 2023 .
“We are pleased to inform you that our associate company East Pipes Integrated Company for Industry (EPIC), Saudi Arabia’s leading manufacturer of HSAW Pipes announced multi contracts sign off with EPC contractors with value exceeding SAR 235 million (Approx. Rs 525 crore) for manufacturing, supply of steel pipes and coating . The duration of the contract is 24 months. The financial impact of the contract will be reflected in Q4 of financial year 2024/2025 till Q3 of financial year 2026/2027. EPIC is Saudi Arabia’s leading manufacturer of Helical Submerged Arc Welded (HSAW) pipes. Its fully integrated manufacturing facilities with impeccable track record of execution of mega orders in time & Quality with customer centric approach, positions them as a most preferred supplier in the KSA market and continue to pioneer in supporting KSA’s strategic objectives under the Vision 2030,” said the firm in a communication to bourses.
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.