Welspun Corp bags 180 KMT order, stock gains
One of the leading welded pipeline manufacturers, Welspun Corp Limited informed that it received a global additional order for the pipeline, after market hours on Wednesday.
Welspun Corp has received additional pipe orders of 180 KMT on a global basis. Out of these additional orders, 136 KMT will be serviced from India, with a major portion to be executed from the facility in Madhya Pradesh and balance mainly from the Americas.
At the start of FY20, the total order book stands at 1,661 KMT valued at Rs. 141 billion after considering the above additions and the execution up to March 2019.
Welspun Corp is engaged in manufacturing of welded pipeline which includes longitudinal submerge-arc and spiral helical submerged arc and high-frequency electric arc. The company is currently in four businesses viz Line Pipes, Energy, Infrastructure & Steel and enjoys a global leadership position in the first two businesses.
Reacting to the news stock price touched its intraday high of Rs. 146.50, as high as 6 per cent. At 2.20 pm it traded with gains of almost 3 per cent at per share price of Rs. 142 on BSE.