Welspun Corp shares rise 4% after subsidiary wins contracts in Saudi Arabia

Stock of Welspun Corp rose 4% on Tuesday after an associate firm won contracts worth SAR 569 million in Saudi Arabia. Welspun Corp stock touched an intraday high of Rs 234, rising 3.91% on BSE.  The stock has gained 35.43% in a year. The share opened marginally higher at Rs 229 against the previous close of Rs 225.20.  

The shares trade higher than the 5-day, 20-day and 200-day moving averages but lower than 50-day and 100-day moving averages. Total 0.44 lakh shares changed hands amounting to turnover of Rs 1.01 crore on BSE. 

Market cap of the firm stood at Rs 6,019 crore on BSE.   

The stock touched a 52-week high Rs 298.35 and a 52-week low Rs 135.55 on September 22, 2022 and March 7, 2022. The stock is trading 22.56 percent below its 52-week high and 70.45 percent above its 52-week low. 

East Pipes Integrated Company for Industry (EPIC), an associate of Welspun Corp in the Kingdom of Saudi Arabia, has inked contracts for the supply of steel pipes for water transmission with a total value of SAR 569 million. 

The company also inked contract with Petrojet Co with total value of around SAR 196 million inclusive value added tax. 

The financial impact of this will be in the first and the second quarters of FY2023-24. 

EPIC is Saudi Arabia’s leading manufacturer of Helical Submerged Arc Welded (HSAW) pipes. Its fully integrated manufacturing facilities, track record of effective execution, and technological knowhow, enable it to remain well-placed to secure further projects both in the water and oil and gas sector. 
 

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