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Hot Pursuit
03-Jun-24
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Welspun Corp gains after arm inks pact with Aramco
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Welspun Corp added 1.69% to Rs 558.75 after the company said that its associate company, East Pipes Integrated (EPIC) has signed multiple contracts with Aramco for manufacturing and supply of steel pipes.
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EPIC is a leading manufacturer of helical submerged arc welded (HSAW) pipes in Saudi Arabia. Its fully-integrated manufacturing facilities, impeccable track record of execution of mega orders, quality and customer focused approach enables it to remain well-placed to secure further projects, both in the water and oil and gas sectors, and continue pioneering in supporting Saudi Arabia's strategic objectives under the Vision 2030.
The value of the contract exceeds SAR 1.65 billion (Approximately Rs 3,670 crore).
The duration of the said contracts is 19 months between the east pipes integrated company for industry (EPIC) with the Saudi Arabian Oil company (Aramco).
The company stated in regulatory filling that the financial impact of the contracts will be reflected from fourth quarter of financial year 2024-25 to fourth quarter of financial year 2025-26.
Welspun Corp is primarily engaged in business of manufacture and distribution of steel and steel products.
The company’s consolidated net profit declined 8.01% to Rs 268.48 crore on 6.07% fall in revenue from operations to Rs 4,461.17 crore in Q4 FY24 over Q3 FY24.
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