Welspun Corp shares jump 5% on order wins worth Rs 872 crore

Welspun Corp shares gained almost five percent in the afternoon session on April 22 after the firm won orders worth Rs 872 crore. In a filing with the exchanges, Welspun Corp said since its last disclosure on March 22, the company has won multiple line pipe orders, both in India and USA.

One of the orders is for Concrete Coated LSAW Pipes and Bends, which will be used for an oil transportation project in the Middle East. All the orders won will be executed during FY25.

"Welspun Corp has been executing these types of extremely challenging projects, which reinforces our position as one of the top line pipe manufacturers of the world," the company said.

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On March 1, Welspun Corp said that its step-down subsidiary, Sintex Advance Plastics, is going to set up a manufacturing facility for plastic pipes and water storage tanks in Madhya Pradesh.

In a filing to the exchanges on March 1, Welsun said the investment for this proposed venture is approximately Rs 400 crore.

Earlier in 2024, Welspun's associate company, East Pipes Integrated Company for Industry (EPIC), received orders worth around Rs 3,000 crore in Saudi Arabia.

"Associate company East Pipes Integrated Company for Industry in the Kingdom of Saudi Arabia (KSA) has received cumulative orders exceeding (Saudi Riyal) SAR 1.32 billion (Rs 3,000 crore)," Welspun Corp said in a statement.

Over the past six months, Welspun Corp's stock has risen around 33 percent against a 15 percent rise in the benchmark Nifty during the same period.

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