Welspun Corp secures order worth Rs706 crore from Indian Oil; stock tumbles ~3%

2 May 2022 , 12:58 PM

Welspun Corp Limited informed that it has received a prestigious order from Indian Oil Corporation Limited (IOCL) of approximately 48,000 MT with an order value of Rs706 crore.

This order is for a large section of the Mundra Panipat Crude Oil Pipeline (P 25) Project which will be constructed to augment the crude oil intake for IOCL’s Panipat refinery expansion project.

The order will be executed in this financial year and reaffirms our strong customer connection and IOCL’s confidence in our technical excellence and execution capabilities.

Apart from the above, company also bagged various other orders in this period, across the Oil & Gas, CGD, and Water sectors in India and also in the Oil & Gas sector in the US, amounting to Rs2,450 crore, with most of them to be executed within this financial year.

Despite the Welspun Corp’s latest announcements regarding multiple orders, its counter remained muted.

At around 12.56 PM, it was trading 2.75% lower at Rs199.70 against its previous close of Rs205.35 on NSE. So far in the day, it hit intraday high and low of Rs204.90 and Rs190.10 respectively.