Welspun Corp hits the roof on bagging orders

Welspun Corp hit an upper circuit of 5% at Rs 92.50 after the company said it secured multiple orders across geographies including USA, Kingdom of Saudi Arabia and India of approximately 106 kilo metric ton (KMT) valuing close to Rs 1,000 crore.

With these orders, Welspun Corp's order book stands at 759 KMT valued at approximately Rs 6,200 crore, after considering execution up to June 2020.

"This reflects overall improvement in business sentiments and exhibits our strong customer connect. This also demonstrates the trust that customers have on us for our superior technology and executional capabilities," the company said in a statement during market hours today, 3 August 2020.

Welspun Corp consolidated reported net profit tumbled 54.5% to Rs 53.92 crore on 0.60% increase in net sales to Rs 2,014.23 crore in Q1 June 2020 over Q1 June 2019.

Welspun Corp offers pipe solutions with a capability to manufacture line pipes, along with specialized coating, double jointing and bending. It is a preferred supplier to most of the Fortune 100 oil & gas companies.

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