Welspun Corp receives orders worth Rs 1,400 crore

Welspun Corp on Monday said it has received multiple new orders of approximately 120 kilo metric tonnes (KMT), worth about Rs 1,400 crore. The new orders include a “significant and a very prestigious” export order for a deep offshore pipeline project of approximately 59 KMT in Gulf-of-Mexico, USA, the company said in an exchange filing.

Welspun Corp said most of the new orders will be executed from its facilities in India. The new orders, it said, “exhibits overall improvement in business sentiments, our strong customer connect, their confidence in our technical excellence and our execution capabilities”.

With the new orders, the company said its order book stands at 492 KMT, valued at approximately Rs 4,700 crore, after considering execution up to August 2021. Welspun Corp, the flagship company of Welspun Group, is a leading welded line pipe manufacturer. Shares of the company were trading 1.52 per cent higher at Rs 123.25 on the BSE during the afternoon trade on Monday.

Also Read: IDFC Board approves disinvestment of mutual fund business

Also Read: Uber launches corporate shuttle service for Indian office-goers