MARKETS

Welspun Corp Shares Rise Nearly 4% After Securing Contracts in Saudi Arabia

Welspun Corp shares touched an intraday high of Rs 234, up 3.91% on the BSE.

Shares of Welspun Corp rose nearly 4% intraday on January 24 after its subsidiary won contracts worth SAR 569 million in Saudi Arabia.

East Pipes Integrated Company (EPIC), a subsidiary of Welspun Corp, has signed contracts for the supply of steel pipes for water transmission worth a total of SAR 569 million in the Kingdom of Saudi Arabia.

Signed several contracts with NEOM, with a total value of about SAR 373 million (including VAT). The pipeline must be supplied within 12 months, and the financial impact will start from FY23 to Q1FY24.

The company also signed contracts with Petrojet Co worth approximately SAR 196 million, including VAT. Its financial impact will be felt in the first and second quarters of the 2023-24 financial year.

EPIC is a leading manufacturer of Helical Submerged Arc Welded (HSAW) pipes in Saudi Arabia. Its fully integrated manufacturing facilities, track record of efficient execution and technical know-how allow it to remain well-positioned to secure additional water, oil, and gas projects.

The stock hit a 52-week high of Rs 298.35 and a 52-week low of Rs 135.55 on September 22, 2022, and March 7, 2022. It is trading 22.56% below its 52-week high and 70.45% above its 52-week low.

Welspun Corp was quoted at Rs 230.40 on the BSE at 9:54 am, up Rs 5.20, or 2.31%.

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