Welspun Corp up by 4 per cent on bagging API pipes order
The share price of Welspun Corp surged by about 4 per cent in Monday’s trade session as the company won an order for the supply of API Pipes. The company has bagged contracts for the supply of 72 KMT of API pipes to American markets.
In Q4FY18, the company had posted a net loss of Rs. 7.63 crore as against a net profit of Rs 68.59 crore in the same quarter of the previous fiscal year. However, the company’s order book boasts of contracts worth 1,610 KMT, valuing at Rs. 11,000 crore and is expected to grow on the back of high energy prices and expansion of National Gas Grid in India.
In Monday’s trade, the stock hit an intraday high of Rs. 136.90 per share and an intraday low of Rs. 133.50 per share on BSE. The stock had touched its 52-week high of Rs. 197 per share on January 22, 2018 and its 52-week low of Rs 95 per share on June 23, 2017 on BSE, respectively.
At 14:06 hours IST, the stock was trading at Rs. 135.00 per share, up by 2.74 per cent on BSE on Monday. Meanwhile, Indian benchmark index S&P BSE Sensex was trading at 35,672.60 level, up by 0.62 per cent and NSE Nifty50 was trading at 10,841.60 level, up by 0.69 per cent.