On Friday, Welspun Corporation Ltd’s shares have raised by 18 per cent to hit a 52-week high of Rs 247 on the BSE. The spike comes after the company won an order worth approximately Rs 5,000 crore for the supply of pipes in the United States (US).

The stock of iron and steel products maker surpassed its previous high of Rs 222 that it had touched on April 22, 2022. The trading volumes on the counter jumped over 10-fold as around 21 million equity shares changed hands on the NSE and BSE.

“This order is for the supply of approximately 325,000 metric tons (MT) of large diameter coated pipes for transporting natural gas from the Permian Basin to Houston. The pipes for this order will be produced from the company’s Little Rock plant in the US and the same will be executed over 12 months, commencing H2 of FY23,” the company said.

• Stocks Under F&O Ban: Aditya Birla Fashion, Hindustan Copper, and Others
• United Breweries Shares Hit 10% Upper Circuit on Stellar Q4 Update 
• PhonePe Indus Appstore Launched Voice Search Feature For Ten Indic Languages
• Hindustan Unilever Announced a 6% YoY Decline in Net Profit; Declared Interim Dividend 
• LTIMindtree Announced a 1.2% YoY Decline in Net Profit 

Given this, the new large order from the US comes on the back of another win the company had announced in April 2022 – a 26,000 MT order from a long-standing customer in North America, in addition to another order from Australia.

With this, Welspun Crop’s order book as of the date (excluding Saudi) stands at 704,000 MT valued at Rs 10,500 crore (approx).

The management is confident of greater opportunities in the mid-to-long term across global markets due to high energy prices and increasing demand scenario. “The company would see more opportunities being converted to business, enabling a healthy and profitable order book at Welspun Corp over the next few years,” the management added.