Welspun Corp shares rise 4% on Rs 2039-crore order win

Shares of Welspun Corp Ltd gained 4% on Friday after the firm said it has won line pipe orders, both in India and the US, cumulatively valued at Rs 2,039 crore since its last disclosure on February 6, 2024.

Welspun Corp stock touched an intraday high of Rs 544.90 , rising 3.91% on BSE. Later, the stock nearly 2.37% higher at Rs 536.80 on BSE. The stock has gained 167.81% in a year and risen 269% in two years.

Earlier, Welspun Corp stock opened lower at Rs 516.05 against the previous close of Rs 524.35.

The shares trade higher than the 5-day, 20-day, 200-day and lower than the 30 day 50-day and 100-day moving averages. Total 0.92 lakh shares changed hands amounting to turnover of Rs 4.94 crore on BSE.

Market cap of Welspun Corp stood at Rs 14,008 crore on BSE.

The stock touched a 52-week high of Rs 625 on February 6, 2024 and a 52-week low of Rs 186 on March 28, 2023.

In a communication to bourses, the company said the new orders in the US not only ascertain its business continuity till the second quarter of financial year 2025, but also reaffirms its dominant position in the US onshore gas transmission sector.

"Also from the orders in India, one being for suppliers to USA offshore, reaffirms our technical excellence and customer trust on us, for executing critical projects, especially in the very challenging and demanding Gulf of Mexico," the company said.

The orders are most likely to be executed in financial year 2025.

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.