Welspun Corp surges over 6 per cent post getting licence for manufacturing SAWH pipes

Welspun Corp Limited made an announcement on Friday after the market hours that it has received a licence to manufacture SAWH (Submerged Arc Helically Welded) pipes as per API Specification from American Petroleum Institute, USA.

This will help the company to cater to the critical needs of the Indian oil & gas market by supplying coated API pipes. This also has a modern 3LPE/DFBE/FBE coating facility attached to the pipe mill.  

Reacting to this, the company’s stock today increased by 6.60 per cent and made an intraday high of Rs 157.50 per share. The stock of the company has increased by 101 per cent from its decline in June 2020.  

A company of Welspun Group, Welspun Corp Ltd is the manufacturer of large diameter pipes, which are used for offshore & onshore transmission of oil, gas, and water.  

According to BSE data, the stock traded at a P/E multiple of 4.37 and a price-to-book ratio of 1.72. The stock has a 52-week high and a 52-week low of Rs 164.50 and Rs 69.40, respectively.    

At 11.22 am on Monday, the stock of the company was trading at Rs 157.30, up by 6.46 per cent on BSE.