Mumbai (Maharashtra) [India], June 17 (ANI): Pipe manufacturer Welspun Corp, part of the 2.7 billion dollar Welspun Group, on Wednesday, reported a consolidated net profit of Rs 138 crore in the quarter ended March as against a net loss of Rs 149 crore in Q4 FY19.
In a regulatory filing the company said that the sudden meltdown in the oil prices in the international market was due to certain geo-political realignment
The stock of the construction & engineering company was trading at its highest level since December 2010.
The benchmark NIFTY is up around 0.68% on the day, quoting at 10921.15. The Sensex is at 36909.96, up 0.72%. Welspun Corp Ltd has added around 9.97% in last one month
A board meeting of the company will be held on May 14, 2019 to consider proposal to buyback the fully paid-up equity shares at the company face value of Rs 5 each
The stock surged 14% to Rs 155 on the BSE in intra-day trade after the company announced that it received orders for supply of at 124 K MTs pipes.
Compnay's total production and sales were down 17% and 1% respectively