Welspun Corp trades lower despite securing pipes and bend export order
The contract is for supply of approximately 61,000 MT bare pipes and bends which will be used for offshore production and transport of gas.
Shares of Welspun Corp in trade on Thursday (October 19) were trading with a cut of over 1 per cent at Rs 444.6 on the BSE even as the company bagged an order for the export of Longitudinal submerged arc welded (LSAW) pipes and bends to the Middle East. At day’s low, the stock hit a price of Rs 439.10, a nearly 3 per cent fall from the previous close.
“We are pleased to inform you that the company has been awarded a very prestigious contract for export of LSAW Pipes and Bends to the Middle East which will be executed from its facilities in Anjar, India,” said the company’s filing with the exchanges.
The contract is for supply of approximately 61,000 MT bare pipes and bends which will be used for offshore production and transport of gas.
The line pipes shall be used for extreme sour service application, thus making this project extremely challenging & reinforces our position as one of the top line pipe manufacturers of the world, the company said.
Share price performance
The stock hit its 52-week high of Rs 457.3 per share on October 17. The company in the last 1-year has reaped over 95 per cent returns, while its 1-month return is over 12 per cent.
About Welspun Corp
Welspun commanding a m-cap of Rs 11,615 crore is a smallcap entity. Welspun is into the business of production and coating of submerged arc welded pipes, hot rolled steel plates and coils, and power generation.
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