Financial Daily from THE HINDU group of publications
Saturday, May 17, 2003
Financial Daily from THE HINDU group of publications Saturday, May 17, 2003 |
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Corporate
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Announcements Welspun Guj bags Rs 390-cr GAIL order Virendra Verma
MUMBAI, May 16 WELSPUN Gujarat Stahl Rohren Ltd, part of the Welspun Goup, has bagged an order to the tune of Rs 390 crore from public sector GAIL Ltd for submerged arc welded (SAW) pipes. The order is for GAIL's Dahej Vijaipur Pipeline Project (or HBJ upgradation) and constitutes around 94,000 tonnes of pipes. In addition, the company's joint venture Eupec Welspun Pipe Coating India Ltd has also received Rs 40-crore order for the same project to coat the 82.5-km pipeline. Mr B.K. Goenka, Vice-Chairman and Managing Director, said the company bagged these orders through the tender process. Welspun Gujarat caters to the global requirement of high-grade SAW pipes, both spiral and longitudinal. However, the company did not disclose the exact time period for the project. "We will execute the project at the earliest," a company official said. In the first nine months of the last fiscal, the company had reported a net loss of Rs 6.69 crore on sales of Rs 304.9 crore. On Friday's trading, the stock price of Welspun Gujarat closed at Rs 11.45, almost the same as Thursday's close, with a volume of 1.55 lakh shares. In the last one week, the stock price of the company has gained 30 per cent. According to sources, two other companies — Saw Pipes and Man Industries — have also got orders from GAIL for the same project. The total order (combined with Welspun Gujarat) is estimated around Rs 1,000 crore. These orders have led the stock price of both these companies gaining in the last one week. On Friday's trading, Saw Pipes gained 5.28 per cent at Rs 92.80 on the BSE and Man Industries closed marginally lower at Rs 27.60.
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