Welspun Corp Ltd’s shares increased by 4% on Friday on the company’s announcement that it had secured line pipe orders totaling Rs 2,039 crore since its last report on February 6, 2024, from both the US and India.
Welspun Corp.’s stock increased 3.91% on the BSE to reach an intraday high of Rs. 544.90. Afterwards, the BSE saw the stock rise by around 2.37% to Rs 536.80. Over the past two years, the stock has increased 269% and gained 167.81% in a year.
Welspun Corp.’s stock earlier opened at Rs. 516.05, down from the previous closing of Rs. 524.35.
The shares are trading below the 30-day, 50-day, and 100-day moving averages and above the 5-day, 20-day, and 200-day moving averages. On the BSE, 0.92 lakh shares changed hands in total, representing a turnover of Rs 4.94 crore. Welspun Corp’s market value was Rs 14,008 crore on the BSE.
In a letter to stock exchanges, the company stated that the new orders in the United States ensure its business continuity through the second quarter of the fiscal year 2025 and preserve its leadership position in the US onshore market.
“Also from the orders in India, one being for suppliers to USA offshore, reaffirms our technical excellence and customer trust on us, for executing critical projects, especially in the very challenging and demanding Gulf of Mexico.”
Welspun Corp Ltd
It is very likely that the orders will be carried out in the 2025 fiscal year.
Manufacturing steel and plastic products is the business activity of Welspun Corp Limited. The company manufactures and coats hot rolled steel coils, plates, and pipes that are submerged arc welded to a high grade. It offers services for ductile iron pipes, stainless steel tubes, bars, and pipes that are welded.
