Welspun Corp stocks rise 1.6% on securing order worth ₹130 crores

The shares of Welspun Corp Limited edged up 1.62% to a high of ₹805 per share on Thursday as the company’s associate company signed a deal worth approximately ₹130 crores for the manufacturing and supply of steel pipes and coating.

East Pipes Integrated Company for Industry (EPIC) Welspun Corp’s associate company, signed the deal with Saudi Real Estate Infrastructure Company (Binyah) and AI Rashid Trading and Contracting Company. The value of the contract exceeds SAR 57 million, amounting to approximately ₹130 crores, with a duration of seven months.

“We are pleased to inform you that our associate company East Pipes Integrated Company for Industry (EPIC), Saudi Arabia’s leading manufacturer of HSAW Pipes announced multi contracts sign off with Saudi Real Estate Infrastructure Company (Binyah) and AI Rashid Trading and Contracting Company with value exceeding SAR 57 million (Approx. ₹130 crore) for manufacturing, supply of steel pipes and coating,” said the company in an exchange filing.

Welspun Corp Limited is a multinational company headquartered in Mumbai which specialises in the production of large-diameter pipes and has a global presence, with operations spanning across six continents. EPIC is Saudi Arabia’s leading manufacturer of Helical Submerged Arc Welded (HSAW) pipes.

On Thursday, the Welspun Corp Limited stocks closed with 0.77% gains at ₹798.30 as against the previous session’s close of ₹792.20 per share, on the National Stock Exchange.

Summary: Welspun Corp stocks rose 1.5% after associate company EPIC secured a contract for the manufacturing and supply of steel pipes and coating. The contract is worth ₹130 crores with a duration of seven months.