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Hot Pursuit
24-Jan-23
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Welspun Corp gains after arm bags multiple contracts in Saudi Arabia
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Welspun Corp rallied 3.06% to Rs 232.10 after the company's associate, East Pipes Integrated Company (EPIC) in Saudi Arabia bagged a contract for the supplying steel pipes for water transmission with a total value of around 569 million Saudi Riyal.
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EPIC is Saudi Arabia's leading manufacturer of helical submerged arc welded (HSAW) pipes. Its fully integrated manufacturing facilities, track record of effective execution, and technological knowhow, enable it to remain well-placed to secure further projects both in the water and oil & gas sector.
The company has signed multiple contracts with NEOM for total value of around SAR 373 million. The pipes have to be supplied within 12 months and the financial impact of this will be starting in Q1 of FY 2023 -24.
Further, it has signed contract with PETROJET company for total value of around SAR 196 million. The financial impact of this will be in Q1 & 2 of FY 2023-24.
Welspun Corp is engaged in the business of production and coating of high grade submerged arc welded pipes, hot rolled steel plates and coils.
The company reported consolidated net loss of Rs 56.59 crore in Q2 FY23 as compared to net profit of Rs 62.70 crore in Q2 FY22. Net sales rose 27.3% year on year to Rs 1,963.81 crore in Q2 FY23.
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Welspun Corp Ltd spurts 0.94%, gains for five straight sessions
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Welspun Corp Ltd soars 2.36%, rises for fifth straight session
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Hot Pursuit
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Welspun Corp to hold board meeting
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