Welspun Corp shares hit record high as associate firm wins orders worth Rs 3,000 crore 

Shares of Welspun Corp Limited hit a record high on Thursday after the firm said its associate company East Pipes Integrated Company (EPIC) in the Kingdom of Saudi Arabia won orders worth Rs 3,000 crore. Welspun Corp stock touched a high of Rs 608.05, rising 6.65% on BSE.  Later, the stock ended 5.21% higher at Rs 599.80 on BSE. The stock has gained 166.28% in a year and risen 5.03% in 2024. Welspun Corp stock opened higher at Rs 580.20 against the previous close of Rs 570.10 on BSE. 

The shares trade higher than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages. Total 2.42 lakh shares changed hands amounting to a turnover of Rs 14.24 crore on BSE.  
Market cap of Welspun Corp stood at Rs 15,694.78 crore on BSE.    

The stock fell to a 52-week low of Rs 177.85 on February 27, 2023.  

Welspun Corp said the first order related to supply of steel pipes to Saline Water Conversion Corporation (SWCC) with value exceeding Rs 2,200 crores inclusive of value added tax for manufacturing and supply of steel pipes. The financial impact of the above contract will be reflected in 1st quarter of financial year 2024/2025 till 2nd quarter of financial year 2026/2027. The duration of the contract is 30 months.

The second order relates to manufacturing and supply of steel pipes to Saudi Arabian Oil Co. (Aramco) with value exceeding Rs 339 crore inclusive value added tax. The duration of this contract is 8 months and the financial impact of this will be reflected in Quarters 1 and 2 in financial year 2024/2025.

The third order is for double jointing and coating of steel pipes to Aramco with value exceeding Rs 377 crore inclusive of value added tax. The duration of the contract is 20 months. The financial impact of the above contract will be reflected in 1st Quarter of financial year 2024/2025 till 2nd Quarter of financial year 2025/2026.

EPIC is Saudi Arabia's premier manufacturer of Helical Submerged Arc Welded (HSAW) pipes. With its fully-integrated manufacturing facilities, impeccable track record in executing large-scale orders and a commitment to quality and customer satisfaction, EPIC is poised to secure additional projects in both the water and oil and gas sectors.

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.  

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