Welspun Corp stock hits 52-week high after Rs5000 crore plus order win in US

20 May 2022 , 12:22 PM

Welspun Corp Ltd has announced winning the single largest order in its history for supply of pipes valued at Rs5000 + crore (approx) in the United States.

This order is for supply of 325,000 MT (approx) of large diameter coated pipes for transporting natural gas from the Permian Basin to Houston. The pipes for this order will be produced from our Little Rock plant in the US and the same will be executed over a period of 12 months, commencing H2 of FY 23.

This large new order from the US comes on the back of another win we had announced in April 2022, of a 26,000 MT order from a long-standing customer in North America, as well as another large order from Australia.

With this, the order book as on date (excluding Saudi) stands at 704,000 MT valued at Rs10,500 crore (approx).

Vipul Mathur, Managing Director and Chief Executive Officer, Welspun Corp Limited, said, “We are delighted to win the single largest order in the history of our company. Our deep understanding of customer needs, quality orientation, and impeccable execution track record coupled with world class technology and innovation is what differentiates us.

Our pan global order book and successive wins in a highly competitive environment validate our global leadership position in this market segment.

We are confident that given the prevailing high energy prices and increasing demand scenario, further opportunities are likely to arise over the mid-to-long term in both the Global and the US market, and we would see more opportunities being converted to business, enabling a healthy and profitable order book at Welspun Corp over the next few years. “

On Friday at around 12:25 PM, Welspun Corp was trading at Rs234.90 apiece up by Rs26.15 or 12.53%, after hitting 52-week high at Rs238.95 per piece on the BSE.