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Hot Pursuit
22-Apr-24
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Welspun Corp rallies on bagging orders worth Rs 872 cr
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Welspun Corp advanced 4.71% to Rs 553.10 after the company received multiple line pipe orders in India & USA cumulatively valued at Rs 872 crore.
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One of these orders, is for supplying concrete coated LSAW pipes and bends for a critical oil transportation project in the Middle East. The line pipes shall be used for extreme sour service application.
These orders will be executed during FY25. The cost of the projects aggregates to Rs 825 crore.
Welspun Corp is primarily engaged in business of manufacture and distribution of steel and steel products.
The company’s consolidated net profit stood at Rs 291.86 crore in Q3 FY24, steeply higher from Rs 23.24 crore posted in Q3 FY23. While net sales stood at Rs 4,749.71 crore, up 97.7% year on year in Q3 FY24.
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