Welspun Enterprises gains after new order win

Welspun Enterprises rose 1.88% to Rs 159.75 at 09:26 IST on BSE after the company received the letter of award from NHAI for four laning highway in Tamil Nadu.

The announcement was made after market hours yesterday, 5 July 2018.

Meanwhile, the S&P BSE Sensex was up 57.99 points, or 0.16% to 35,632.54

On the BSE, 5,443 shares were traded in the counter so far compared with average daily volumes of 98,000 shares in the past two weeks. The stock had hit a high of Rs 161.95 and a low of Rs 158 so far during the day. The stock hit a record high of Rs 202.85 on 28 May 2018. The stock hit a 52-week low of Rs 106.20 on 10 August 2017.

The small-cap company has equity capital of Rs 147.77 crore. Face value per share is Rs 10.

Welspun Enterprises received the letter of award from National Highways Authority of India (NHAI) for the four laning of Sattanathapuram to Nagapattinam section of NH-45A (New NH -332) in Tamil Nadu under NHDP Phase-IV on Hybrid Annuity Mode.

The consortium led by the company will develop the project at a bid project cost of Rs 2004.51 crore and first year O&M cost of Rs 5 crore. The construction period is 2 years from the appointed date. The company's HAM portfolio now stands at over Rs 7000 crore consisting of six projects, of which five have achieved financial closure.

On a consolidated basis, net profit of Welspun Enterprises rose 278.33% to Rs 25.31 crore on 122.73% rise in net sales to Rs 405.30 crore in Q4 March 2018 over Q4 March 2017.

Welspun Enterprises, part of the Welspun Group, is an operating company as well as a holding company. The company's key activity is in the infrastructure business. Apart from that, the company holds equity investments in Welspun Energy (renewable energy) and Welspun Natural Resources (oil and gas exploration).

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