Welspun Corp up 6% on inking MOU with Saudi Aramco; Check all details here

Welspun Corp shares rose 6.4 per cent in Wednesday's trade on BSE, logging an intraday high at Rs 777.05 per share. The stock gained after the company announced inked an memorandum of understanding (MoU) with Saudi Aramco to establish a LSAW Line Pipe manufacturing capacity in the Kingdom of Saudi Arabia.

 

Around 1:21 PM, Welspun Corp shares were up 4.28 per cent at Rs 760.95 per share on BSE. In comparison, the BSE Sensex was up 0.13 per cent at 76,596.61. The market capitalisation of the company stood at Rs 19,963.48 crore. The 52-week high of the stock was at Rs 835 per share and the 52-week low was at Rs 441 per share. 

 

The capacity in the Kingdom of Saudi Arabia will be estabilised at the ongoing Aramco IKTVA Forum & Exhibition 2025. The production capacity of this plant will be 350,000 MT/Annum. 

 

"The proposed LSAW line pipe manufacturing facility of Welspun Corp in KSA shall be equipped with distinct and comprehensive capabilities to service future line pipe requirements of Saudi Aramco including, oil, gas, Hydrogen transmission, and also CCUS developments. The said facility shall be located in Dammam 3rd Industrial City, and commence its operations by mid2026," the filing read. 

 

Welspun Corp is a leading line pipe manufacturer globally has been a regular supplier of line pipes to Saudi Aramco for close to two decades and has been a part of many prestigious oil and gas pipeline projects in the Kingdom of Saudi Arabia. 

 

Welspun Corp Ltd., a part of the Welspun World, with forays in pipe solutions and building materials, has undertaken some of the most challenging projects around the world, namely, the world’s deepest pipeline, the world’s heaviest pipeline, and the world's longest pipeline, among others. As part of its business growth & diversification strategy, Welspun Corp has forayed into  Greenfield facility at Anjar, Gujarat to manufacture Ductile Iron (DI) Pipes with a total production capacity of 500,000 MT per annum. This integrated complex is equipped with the latest cutting-edge technology and includes a Blast Furnace that can produce 500,000 MT per annum of hot metal, along with a Sinter Plant, a PCI, an Oxygen Plant, and a Coke Oven.

 

In the past one year, Welspun Corp shares have gained 17 per cent against Sensex's rise of 4.3 per cent.