Rs 9,056 crore order book: This iron & steel company bags new order worth Rs 3,670 crore from Saudi Arabian Oil Company (Aramco)

The stock is up by 90 per cent in just 1 year whereas BSE Sensex Index is up by 20 per cent.

In positive news for Welspun Corp Ltd, their associate company, East Pipes Integrated Company for Industry (EPIC), has secured a significant contract with Saudi Arabian Oil Co. (Aramco). EPIC, a leading manufacturer of HSAW pipes in Saudi Arabia, signed multi-year contracts valued at over SAR 1.65 billion (approximately Rs 3,670 crore) for the manufacturing and supply of steel pipes.

This 19-month agreement is expected to financially impact Welspun Corp Ltd starting in the fourth quarter of fiscal year 2024-2025 and continue until the final quarter of fiscal year 2025-2026. EPIC's strong reputation for delivering large-scale projects, commitment to quality, and customer focus were likely key factors in securing this deal. This success positions them well to win future contracts in both the water and oil & gas sectors, further contributing to Saudi Arabia's Vision 2030 goals.

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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 12,000 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 is up by 90 per cent in just 1 year whereas BSE Sensex Index is up by 20 per cent. Investors should keep an eye on this Mid-Cap stock.

Disclaimer: The article is for informational purposes only and not investment advice.