Multibagger in just 1 year: This iron & steel company bags new orders worth Rs 1,500 crore from domestic and international clients!
The stock gave multibagger returns of 155 per cent in just 1 year whereas BSE Industrials Index is up by 70 per cent.
Welspun Corp Limited has announced the acquisition of fresh line pipes orders in both India and the USA clients, marking a significant milestone as their cumulative orders surpassed approximately 150 thousand metric tons (KMT) with an estimated value of around Rs 1,500 crore.
Notably, the newly acquired orders encompass a gas pipeline order within the United States. The company anticipates executing these orders during the fiscal years 2024 and 2025. This development underscores Welspun Corp Limited's continued success and growing market presence, particularly in the dynamic and vital sectors of line and gas pipe manufacturing. The robust order book positions the company well for sustained growth and highlights its commitment to meeting the evolving demands of the industry.
Earlier, Welspun Corp's subsidiary, Sintex BAPL, is poised to expand its footprint in Telangana with a new manufacturing unit worth up to Rs 350 crore. Secured under the state's incentive scheme, the project will primarily focus on water tanks and pipes, marking Sintex's debut in the PVC pipe business alongside bolstering its existing water tank dominance. The investment will be phased over three years, with an initial focus on land and infrastructure in FY24 not exceeding Rs 50 crore.
Today, shares of Welspun Corp plunged 0.20 per cent to Rs 555.95 per share from its previous closing of Rs 557.05 per share. The company has a market cap of over Rs 14,000 crore and has been maintaining a healthy dividend payout of 36.7 per cent.
Welspun Corp Ltd. 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.
The stock gave multibagger returns of 155 per cent in just 1 year whereas BSE Industrials Index is up by 70 per cent. Investors should keep an eye on this Mid-Cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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