Welspun Enterprises shares climb 8% on Rs 1,864-crore order win

Welspun Enterprises shares rose over 8% in the afternoon session on Wednesday after the firm said it has emerged as L1 bidder for the construction of Rs 1,864.71 crore project. The stock touched an intraday high of Rs 405.50, rising 8.62% on BSE. The stock has gained 162% in a year and risen 20% this year.

The share opened marginally higher at Rs 373.45 against the  previous close of Rs 373.30. The stock is trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day and 200 day moving averages. Total 1.24 lakh shares changed hands amounting to a turnover of Rs 4.84 crore on BSE. Market cap of the firm stood at Rs 5,435.51 crore on BSE. 

“The project is access controlled multi-modal corridor from Navghar to Balavali in Maharashtra on EPC Mode Package MMC -11 from Kalambsure km. 88 plus 620 to Govirle km. 96 plus 410 in Tq. Uran & District Raigad (length – 7.79 km) (Project) of Maharashtra State Road Development Corporation Limited (MSRDC / Client),” said the firm in a communication to bourses.

The project is to be constructed within 36 months from the date of notice of commencement.