Welspun Corp rises after winning contracts

Welspun Corp rose 1.98% to Rs 134 at 9:30 IST on BSE after the company said it won contracts for supplying 72 KMT of API pipes to American market.

The announcement was made after market hours on Friday, 8 June 2018.

Meanwhile, the S&P BSE Sensex was up 141.81 points, or 0.40% to 35,585.48.

On the BSE, 17,000 shares were traded in the counter so far compared with average daily volumes of 26,000 shares in the past two weeks. The stock had hit a high of Rs 136.10 and a low of Rs 133.55 so far during the day. The stock hit a 52-week high of Rs 197 on 22 January 2018. The stock hit a 52-week low of Rs 95 on 23 June 2017.

Welspun Corp said it has been awarded contracts for supply of 72 KMT of API pipes to the America's market. With these additions, the company's current order book stands at 1,610 KMTs valued at Rs 11000 crore.

On a consolidated basis, Welspun Corp reported net loss of Rs 7.63 crore in Q4 March 2018 as against net profit of Rs 68.59 crore in Q4 March 2017. Net sales declined 17.36% to Rs 1588.57 crore in Q4 March 2018 over Q4 March 2017.

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

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