Welspun Corp gains after MP plant kicks off commercial production

Welspun Corp rose 1.17% to Rs 138.30 at 14:12 IST on BSE after the company announced that its plant in Madhya Pradesh started commercial production of pipes.

The announcement was made after market hours yesterday, 20 June 2019.

Meanwhile, S&P BSE Sensex was down 357.62 points or 0.9% at 39,244.01.

On BSE, 36,000 shares were traded in Welspun Corp counter, compared to a 2-week average of 39,000 shares. The share price hit an intraday high of Rs 140.95 and an intraday low of Rs 137.55. It hit a 52-week high of Rs 186.90 on 6 September 2018 and a 52-week low of Rs 89.30 on 18 February 2019.

Welspun Corp announced that the commercial production of pipes has successfully commenced at its spiral pipe plant in Jamunia (near Bhopal) in Madhya Pradesh. This plant has a capacity of around 175 KMT per annum.

On a consolidated basis, Welspun Corp reported net loss of Rs 149.03 crore in Q4 March 2019 compared with net loss of Rs 7.63 crore in Q4 March 2018. Net sales surged 119.91% to Rs 2,686.15 crore in Q4 March 2019 over Q4 March 2018.

Welspun Corp is a welded line pipe manufacturing company.

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