Rs 9,056 crore order book: This multibagger iron & steel company bags new order worth Rs 1,202 crore from the Middle East
The stock gave multibagger returns of 110 per cent in just 1 year and 350 per cent in 3 years.
Welspun Corp Limited has secured a substantial order from the Middle East to supply both bare and coated LSAW pipes and bends, significantly boosting its order book. This new contract, combined with previous orders from India and the USA since May 30th, brings the total value of line pipe orders to approximately Rs 1,202 crore. The company is scheduled to execute these orders for fiscal years 2025 and 2026.
Earlier, the company got a new contract from East Pipes Integrated Company for Industry (EPIC) has clinched a substantial deal worth over SAR 1.65 billion with Saudi Aramco for the supply of steel pipes. This 19-month contract is expected to contribute significantly to Welspun's bottom line starting from the fourth quarter of the current fiscal year. EPIC's proven track record in the Saudi market and its strong reputation for quality have been instrumental in securing this major order. This development positions EPIC as a key player in the region's oil and gas sector, and it is anticipated to drive future growth for both EPIC and Welspun Corp.
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Welspun Corp Limited is a flagship company of the Welspun Group, one of the world's leading line pipe manufacturers. Known for its advanced manufacturing capabilities and innovative approach, Welspun specializes in producing large-diameter pipes used in various industries, including oil and gas. With a strong focus on sustainability and technology, Welspun Corp is committed to providing solutions that meet the stringent requirements of its global clientele. Its products are integral to major infrastructure projects worldwide, making it a key player in the development and maintenance of critical energy and resource transportation systems.
The company has a market cap of over Rs 16,000 crore and has been maintaining a healthy dividend payout of 36.7 per cent. The order book of the company stands at Rs 9,056 crore as of March 31, 2024. The stock gave multibagger returns of 110 per cent in just 1 year and 350 per cent in 3 years. 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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