Stocks

Welspun rallies 13.5% on Rs 7,400 cr new order

BL Internet Desk Chennai | Updated on May 05, 2018

Shares of Welspun Corp rallied as much as 13.5 per cent on Monday as the company has new order for supply of 124 K MTs pipes. With the addition of these orders, the company has a current order book of 1,198 K MTs valued at Rs 7,400 crore.

Following a strong open at Rs 154.50 against the previous close of Rs 136.55, the scrip touched an intraday high of Rs 155 and a low of Rs 141.60. In terms of equity volume, 2.36 lakh shares exchanged hands in the morning trade. The stock hit a 52-week high of Rs 165.70 on November 6, 2017 and a 52-week low of Rs 71.70 on December 26, 2016.

Welspun Corporation, which has business interest in steel pipe manufacturing, has reported five-fold increase in March quarter consolidated net profit at ₹69 crore (₹13 crore) on the back of strong growth in sales and better realisations. Income increased 10 per cent to ₹2,172 crore (₹1,976 crore) boosted by an other income of ₹103 crore (₹12 crore).

In July this year, the company had won orders from a customer in India for supply of 100K tonne pipes for water projects. The company, however, did not disclose the customer’s name or the order size in value terms. With the addition of this order, the current order book of the company crossed 699 K tonnes, worth ₹4,200 crore.

Published on December 26, 2017

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

null
This article is closed for comments.
Please Email the Editor

You May Also Like