Welspun Corp secures major contract in Latin America, shares rise 4%
Upstox
2 min read • Updated: April 24, 2024, 7:35 PM
Summary
Welspun Corporation shares closed 2% higher on the NSE on Wednesday, extending the gains for a third straight session. The stock has gained over 162% in the last one year and 365% in the last three years.
Welspun Corp Limited shares surged around 4% on Wednesday, April 24, after the company announced that it has been awarded a ₹611 crore contract for supplying LSAW pipes, bends and coating products in Latin America.
In a stock exchange filing, the company said that it has received a new order to supply line pipes from India. It also said that the purchase order or the notice to proceed is yet to come and they are expecting it by the second week of May 2024.
The contract will be executed by the upcoming financial year 2025, Welspun Corp informed the stock exchanges.
Following the positive development, shares of Welspun Corp opened higher and gained as much as 4.5% to hit an intraday high of ₹586.55 apiece on the NSE on Wednesday.
The metal forgings stock closed 2.01% higher at ₹572.55 apiece on the NSE extending the gains for the third straight session. The stock has gained more than 162% in the past year and over 315% in the last three years.
Welspun Corp is a leading player in the metal casting and forgings segment. The company has a presence in over fifty countries, including the United States, Saudi Arabia and Europe.
Welspun is present across different business verticals as well. The company’s primary business operations pertains to home textiles, flooring solutions, advanced textiles, infrastructure, line pipes, DI pipes, pig iron, warehousing, stainless steel, alloy and TMT bars.
Welspun Corp Limited offers end-to-end pipe solutions. It also produces Ductile Iron (DI) pipes, which are manufactured in the Greenfield Unit in Anjar, Gujrat. These pipes are mainly used in water supply infrastructure.