Intraday Spotlight: Welspun Corp is on an upward ride as it gains 3.6 per cent; heres why!
A large order of Rs 600 crore drives the stock price.
Welspun Corp Ltd, one of the largest welded line pipe manufacturers in the world, has jumped over 3.6 per cent today from its previous close of Rs 213.05 as the company has received various orders to be executed from India and the USA across the Oil & Gas and Water sector, of about 47,000 MT amounting to around Rs 600 crore. These include receipt of an order for the supply of onshore coated pipes and bends for a pipeline project in Australia. This is a huge order for the manufacture and supply of about 19,700 MT of pipes and 180 bends for transportation of gas. This export order will be executed from WCL’s plant at Anjar, India in H2 F122-23.
Exactly one month before, the company had announced the biggest order in its history of Rs 5,000 crore for the supply of pipes in US. The company is witnessing a good order pipeline. The stock opened at Rs 223 and has made its day high of Rs 223.70 (+5 per cent). As of 11:35 am today, the stock was trading near Rs 220.90 on the BSE.
Welspun Corp Limited is the flagship company of Welspun Group, which is among the largest welded line pipe manufacturing companies in the world. The company’s wide range of products is produced with the latest manufacturing technologies and under the highest quality standards.
The stock has a 52-week high and low of Rs 250.50 and Rs 106.00, respectively.