Page 2 - Welspun Corp

Welspun Corp arm sells 5% stake in associate entity for about Rs 480 cr

Welspun Mauritius Holdings Limited (WMHL) has divested a 5 per cent equity stake in East Pipes Integrated Company for Industry (EPIC) for an overall consideration of 218.9 million Saudi Riyal (about Rs 480 crore). EPIC is a step-down listed associate of Welspun Corp in the Kingdom of Saudi Arabia (KSA). "Our wholly-owned subsidiary WMHL has divested a 5 per cent equity stake in EPIC in favour of identified financial investors in a series of negotiated trades on the Tadawul Stock Exchange, KSA on November 11, 2024, for an overall consideration of (Saudi Riyal) SAR 218.9 million (approximately USD 58 million)," Welspun Corp said in an exchange filing. Post this transaction, WMHL's stake in EPIC has changed from 31.5 per cent to 26.5 per cent, and the company will still remain the single largest shareholder in the company, the filing said. The proceeds from the sale of EPIC shares are proposed to be redeployed by WMHL in its new wholly-owned subsidiary Welspun Pipes Company, KSA (WPC)

Welspun Q2 profit falls 27% to Rs 283 cr; board okays Rs 2k cr investments

Welspun Corp on Friday reported around 27 per cent fall in consolidated net profit at Rs 282.96 crore for September quarter, mainly on account of fall in income. It had posted Rs 386.57 crore net profit for July-September 2023, the company said in an exchange filing. Total income declined to Rs 3,364.23 crore from Rs 4,161.41 crore in the second quarter last fiscal. Expenses were at Rs 3,074.90 crore as against Rs 3,820.59 crore a year ago. The board also approved several investment proposals in India and abroad worth over Rs 2,000 crore. It approved a proposal to increase ductile iron pipes capacity to 250 KMTPA from 150 KMTPA, along with setting up the 350 KMTPA LSAW (Longitudinal Submerged Arc Welding) pipes facility at investment of up to USD 200 million (about Rs 1,680 crore) in Saudi Arabia. This will be funded through debt of up to USD 140 million and balance will be through internal accruals of the company. The plants are expected to be operational in April 2026. Further

Welspun Corp secures Rs 1,300 crore orders in US for coated HSAW pipes

Despite the latest order on Monday, shares of Welspun Corp saw a slight dip, as the broader stock market continues to face headwinds, with key indices reflecting a persistent downtrend

Welspun Corp hits lifetime high after Rs 146 cr order from Middle East

Welspun Corp share price today surged up to 3 per cent on the BSE, hitting its all time high at Rs 762.70 per share. This came after the company bagged an order worth Rs 1,348 crore on Monday

Welspun Q1 results: PAT up 50% at Rs 248 cr as strong exports boost margins

Welspun's fortunes have gotten a boost from not only the growing demand for fuel in India but also from key export markets of the US and Middle East

Tata Steel, Welspun jointly develop hydrogen-compliant grade steel pipes

Tata Steel and Welspun Corp have jointly developed hydrogen-compliant grade steel pipes for transportation of the gaseous hydrogen, a statement said on Friday. The development assumes significance as hydrogen transportation is critical for its usage in different sectors. "Tata Steel and Welspun Corp achieved the significant milestone of developing hydrogen compliant API X65 grade pipes, which successfully surpassed all necessary critical sour service and fracture qualification tests for transportation of 100 per cent pure gaseous hydrogen under high pressure at RINA, Italy," Tata Steel said in a statement. Tata Steel and Welspun Corp have become the first Indian companies to produce electric resistance welded (ERW) pipes for transportation of gaseous hydrogen, it said. In 2022, Tata Steel and Welspun Corp entered into a memorandum of understanding (MOU) to develop hydrogen-compliant API-grade pipes through the ERW Pipe route. As part of the partnership, Tata Steel said it has supp

Welspun One raises Rs 2,275 cr for second fund to build warehousing assets

Welspun One has raised Rs 2,275 crore from investors for its second fund and would use the capital to develop warehousing properties. Welspun One, an integrated fund and development management platform, on Monday announced the successful closure of its second fund totalling Rs 2,275 crores, inclusive of co-investment commitments. This marks the largest domestic fundraise in this space, the company claimed. The capital was sourced from a diverse pool of about 800 Limited Partners (LPs) or investors, including high-net-worth and ultra-high-net-worth individuals, family offices, corporates, and domestic institutions. Welspun One's second fund has already committed nearly 40 per cent of its investible capital across four investments. It expects to commit the remaining capital over the next 3-4 quarters. This will add 8 million square feet to Welspun One's existing portfolio of 10 million square feet, taking their aggregate portfolio to around 18 million square feet, entailing a total

Here's why Welspun Corp is falling in trade today; check details

The company's revenue (topline) grew 9.6 per cent to Rs 4,461.2 crore in the March quarter of FY24, from Rs 4,070.2 crore in the March quarter of FY23

Stocks to watch on May 31: Apollo Hospitals, Muthoot Fin, Welspun Corp

Stocks to watch on May 31: In the fourth quarter of the fiscal year 2023-24 (Q4FY24), Apollo Hospitals Enterprise witnessed a significant spike in profit, soaring by 77.5 per cent year on year (YoY)

Iron & steel stocks rally up to 11% on strong March quarter results

Surya Roshni, Gallantt Ispat, Sarda Energy & Minerals, Welspun Corp and Vardhman Special Steels (VSSL) have surged between 5 per cent and 11 per cent in Thursday's intra-day trade

Welspun Corp stock zooms 6% on order wins worth over Rs 800 crore

Welspun Corp stock price update: Welspun shares rose sharply following significant new order announcements in India & the US, with key projects including a critical oil transport venture in West Asia

Welspun Corp's unit, Saudi Aramco scrap $41 million steel pipe contract

Welspun did not disclose the reason for the cancellation of the contract, but said it would not affect its operating plans

Welspun Corp Q3 results: Net profit jumps multi-fold to Rs 294 crore

Welspun Corp Ltd (WCL) on Tuesday posted a multi-fold jump in its consolidated net profit to Rs 293.70 crore in the quarter ended December 2023. It had reported a consolidated net profit of Rs 23.22 crore during the October-December period of preceding 2022-23 financial year, the company said in a regulatory filing. The company's total income doubled to Rs 4,758.17 crore over Rs 2,410.33 crore in the same quarter a year ago. Expenses were at Rs 4,438.79 crore as against Rs 2,386.80 crore in the third quarter of the last fiscal. In a statement, B K Goenka, Chairman of Welspun Group, said, "Operational and financial performances continued to remain strong for Q3 and 9MFY24. As per our planned strategy, we have finalised our foray into the plastic pipes segment, which provides us with a huge opportunity to leverage Sintex brand value." The company has also finalised an investment in ductile iron (DI) pipes in the Middle East region, he said. According to the statement, the company's

Welspun Corp's associate arm EPIC bags Rs 3,000 cr orders in Saudi Arabia

Homegrown Welspun Corp on Thursday said its associate company East Pipes Integrated Company for Industry (EPIC) has received orders worth around Rs 3,000 crore in Saudi Arabia. "Associate company East Pipes Integrated Company for Industry in the Kingdom of Saudi Arabia (KSA) has received cumulative orders exceeding (Saudi Riyal) SAR 1.32 billion (Rs 3,000 crore)," Welspun Corp said in a statement. The new orders include supply of steel pipes to Saline Water Conversion Corporation (SWCC) with value exceeding SAR 1 billion (Rs 2,200 crore) inclusive of value added tax for manufacturing and supply of steel pipes. Another order for manufacturing and supply of steel pipes to Saudi Arabian Oil Co. (Aramco) is worth over SAR 153 million (Rs 339 crore) inclusive value of added tax. The order for double jointing and coating of steel pipes to Aramco has a value exceeding SAR 170 million (Rs 377 crore) inclusive of value added tax. EPIC is Saudi Arabia's leading manufacturer of Helical Subme

Welspun Corp appoints Gerald Mosley as CEO of US-based subsidiary

Welspun Corp on Tuesday announced the appointment of Gerald Mosley as Chief Executive Officer (CEO) of US-based subsidiary Welspun Tubular LLC. His appointment is effective from November 27, 2023, Welspun Corp said in a regulatory filing. "We...inform about the key management personnel's appointed by the company's wholly-owned subsidiaries in the US. Gerald Mosley is appointed as Chief Executive Officer for Welspun Tubular LLC w.e.f. November 27, 2023," the filing said. In this role, Mosley would be responsible for defining the strategy & implementation plan to drive business growth in existing and new markets, thereby retaining the global leadership position. Mosley, 49, has an MBA degree from Colorado State University and an M.S. in Logistics Management from Georgia College and State University. Besides, he has a diploma in Technology Commercialization from the University of Texas - McCombs School of Business. The manufacturing facility in Little Rock, Arkansas produces pipes .

Welspun Corp scales new peak on future growth plans; up 200% in 9 months

So far in November alone, the stock has rallied 29 per cent as against around 3 per cent gain on the Sensex.

Welspun Corp's EPIC signs Rs 1,000-cr contract with Saudi Aramco

Homegrown Welspun Corp on Friday said its associate company East Pipes Integrated Company for Industry (EPIC) has signed a contract with Saudi Aramco worth about Rs 1,000 crore for manufacturing and supply of large diameter steel pipes. The total value of the order exceeds Saudi Riyal 440 million (about Rs 1,000 crore) inclusive of value added tax, Welspun Corp said in a statement. "Associate company EPIC in the Kingdom of Saudi Arabia (KSA) has signed a contract for the manufacturing and supply of large diameter steel pipes with Saudi Aramco. "The financial impact of this contract is expected to be reflected in the second and third quarter of the financial year 2024-2025," it said. The duration of the contract is 13 months. This order is in addition to the announcement made by Welspun Corp in May 2023 for the landmark SAR 1.8 billion (about Rs 4,000 crore) contract with Aramco, the statement said. EPIC is Saudi Arabia's leading manufacturer of Helical Submerged Arc Welded (HSAW)

Stock of this iron & steel company zoomed 130% in 7 months; hits 15-yr high

Welspun Corp surged 7 per cent to Rs 489.30 on the BSE, its highest level since February 200

Welspun bags contract to supply 61,000 MT of LSAW pipes, bends in Mideast

Welspun Corp Ltd (WCL) on Thursday said it has bagged a contract to supply 61,000 metric tonnes (MT) of LSAW pipes and bends in the Middle East. The company will supply the longitudinally submerged arc welding (LSAW) pipes and bends from its plant, located at Anjar in Gujarat, WCL said in a statement. "Welspun Corp wins a contract to supply 61,000 MT of bare pipes and bends to the Middle East, which will be used for offshore production and transport of gas. With the receipt of the above order, WCL has cumulatively received total orders of approximately 1,91,000 MT of line pipes, to be executed from its India and USA facilities since its last announcement dated August 4, 2023," the statement said. In the statement, the company did not disclose the order value. Welspun Corp Ltd (WCL) is one of the largest manufacturers of large-diameter pipes globally. The company also manufactures steel billets, TMT (thermo-mechanically treated) rebars, DI (ductile iron) pipes, stainless steel pipe

Welspun Corp reports Rs 168 crore net profit in April-June quarter

Welspun Corp on Friday posted a consolidated net profit of Rs 168.45 crore in the June quarter, on the back of higher income. It had reported a Rs 95 lakh loss in the year-ago period, the company said in a regulatory filing. The company's total income in the first quarter of the current fiscal rose to Rs 4,118.78 crore from Rs 1,394.51 crore a year ago. Welspun Corp Ltd is one of the world's leading welded line pipe manufacturers and the flagship company of the Welspun Group.