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Shares of Welspun Corp Ltd surged over 3% to hit an all-time high of ₹762.8 apiece on Monday, September 30, after the company received a fresh supply order. NSE In a stock exchange filing, Welspun Corp said it received an order from the Middle East to supply coated LSAW pipes and bends.
Welspun Corp said that after receiving the new order, the cumulative value of its line pipe orders in India and USA stood at ₹1,348 crore. The company mentioned that the orders will be executed during FY25 and FY26. The stock opened trade marginally higher at ₹745.
85 apiece on the BSE. Earlier on September 2, Welspun Corp informed the exchanges that its board of directors approved an investment of approximately $100 million in its wholly owned subsidiary Welspun Pipes Inc. for the upgradation of the High-Frequency Induction Welding (HFIW) pipes manufacturing and coating capability in the USA.
This upgrade will be funded through local debt and internal accruals. Welspun Corp added that the investment will be spread over 18 months. The company aims to expand its reach in the Oil & Gas segment in the USA market by enriching its product portfolio with the inclusion of new pipe sizes and specifications Welspun Corp added that the outlook for the line pipe market in the USA remains strong as it is likely to defend its position as the largest Liquified Natural Gas (LNG) exporter globally.
Welspun Corp shares have gained 90% in the last 12 months and 39% this year, so far. In the last six months, the stock has gained 36% and it is up 6% in the past month. Welspun Corp shares traded at ₹753.
25 apiece on the BSE, up by 1.8% at 11:40 am on September 30. Also Read: Sensex may hit 1,00,000 by the end of the year, be ready to buy on corrections, says Mark Mobius.
