Welspun Corp jumps after bagging pipe orders

Welspun Corp rose 2.86% to Rs 142.15 at 10:52 IST on BSE after the company said that it has received additional pipe orders of 180 KMT on a global basis.

The announcement was made after market hours yesterday, 10 April 2019.

Meanwhile, the S&P BSE Sensex was up 27.01 points, or 0.07% to 38,612.36.

On the BSE, 83,000 shares were traded in the counter so far compared with average daily volumes of 1.29 lakh shares in the past two weeks. The stock had hit a high of Rs 146.50 and a low of Rs 140.95 so far during the day. The stock hit a 52-week high of Rs 186.90 on 6 September 2018. The stock hit a 52-week low of Rs 89.30 on 18 February 2019.

Out of these additional orders, 136 KMT will be serviced from India, with a major portion to be executed from the new facility in Madhya Pradesh and balance mainly from Americas. Accordingly, the company's order book at the start of financial year stands at 1,661 KMT valued at Rs 14,100 crore after considering the above additions and the execution up to March 2019.

On a consolidated basis, net profit of Welspun Corp declined 54.69% to Rs 30.08 crore on 13.41% rise in net sales to Rs 2528.85 crore in Q3 December 2018 over Q3 December 2017.

Welspun Corp is among the largest welded line pipe manufacturing companies in the world.

Powered by Capital Market - Live News