Multibagger stock surges near 52-week high after 'significant' order for US project
Premium- Welspun Corp announced that it has secured a significant order for a Carbon Capture Pipeline project in the US
Shares of Welspun Corp surged more than 6% to ₹262 apiece on the BSE, trading near its 52-week high level of ₹267, in Monday's trading session after the company announced that it has secured a significant order for a Carbon Capture Pipeline project in the United States (US).
“Welspun is pleased to announce it has secured a significant order for a Carbon Capture Pipeline project in the United States. This order is for supply of 785 miles (1,256 KM) or 100,000 MT (approximately) of High Frequency Induction Welding (HFIW) pipes, and would be used for transporting captured carbon dioxide. The pipes for this order will be produced from our Little Rock plant in the U.S. and the same will be executed in FY 23‐24," the company informed in an exchange filing over the weekend.
With this project, the company said it would not only significantly contribute in reducing the CO2 emissions in the environment, but also it is a big leap forward for us in strategically meeting our environmental, social, and governance (ESG) goals, as set out towards a cleaner and greener planet.
"This large strategic order once again reflects our strong culture of engineering excellence and the trust customers have on our capabilities to execute large‐scale projects, both in terms of supplying impeccable quality, and for on‐time deliveries. Our strong supply track record has positioned both Welspun’s Helical Submerged Arc Welded (HSAW) & High Frequency Induction Welding (HFIW) plants as the top facilities in the North American market," it added.
Flagship company of the Welspun Group, Welspun Corp is a pipe manufacturer with a capacity to manufacture Longitudinal (LSAW), Spiral (HSAW) and HFERW / HFI (ERW) pipes. The multibagger stock has rallied more than 113% in a year's period as compared to about 1% rise in BSE Sensex during the period.
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In July, the company said its associate company, East Pipes Integrated Company for Industry received an order of 324 million Saudi Riyal (around ₹689 crore) from Saline Water Conversion Corporation in Saudi Arabia, for the manufacture and supply of steel pipes and will be executed in the ongoing financial year.
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