Rs 8,000 crore order book and FIIs & DIIs increase stake: Heavy buying witnessed in this multibagger stock; hits fresh 52 week high!
Shares of the company gained more than 100 per cent in the last six months.
Shares of Welspun Corp Limited soared over 5 per cent on Tuesday, driven by a wave of investor interest and recent positive news surrounding the company. This surge comes on the heels of Welspun's impressive Quarterly Results, further fuelled by two major business announcements recently. The also made a fresh 52-week high on Tuesday.
Firstly, Welspun's subsidiary, Sintex BAPL, received the green light from the Odisha government to invest Rs 479 crore in establishing a new manufacturing facility in Sambalpur. This plant will focus on producing various plastic products such as CPVC, UPVC, SWR, Agri Pipes, PVC fittings, and Plastic tanks, boasting an annual capacity of 37,520 MT.
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Adding to the positive momentum, Welspun's associate company, EPIC, secured a lucrative contract worth over SAR 440 million (approximately Rs 1000 crore) with Saudi Aramco. This agreement involves the manufacture and supply of large-diameter steel pipes for use in oil and gas projects. The project duration is set at 13 months and further strengthens Welspun's presence in the Middle Eastern market, complementing a previous SAR 1.8 billion (around Rs 4000 crore) contract announced earlier this year.
Welspun Corp Limited is one of the flagship companies of Welspun Group. It is a leading manufacturer of large-diameter pipes globally, offering a one-stop solution for all line pipe-related requirements with its wide range of high-grade line pipes. FIIs and DIIs have increased their stake in the company to 9.42 and 11.53 per cent in September 2023 respectively. The company has also delivered multibagger returns of over 300 per cent in the last three years. It also has an order book of Rs 8,000 crore.
The stock has shown impressive growth, and investors should keep a close eye on this stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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