Welspun Specialty gains 17% after securing Rs 117 crore contract from BHEL

Welspun Specialty is a fully integrated manufacturing facility for stainless steel long products and seamless pipes and tubes

Shares of Welspun Specialty Solutions Ltd (WSSL) rose over 17 percent on the BSE after the company emerged as the lowest bidder for an order worth Rs 117 crore from Bharat Heavy Electricals Ltd (BHEL).

At 11.41 AM, shares of Welspun Specialty were trading 12 percent higher at Rs 42.5 apiece. The stock has gained 5 percent in the past six months, underperforming the Nifty 50 index, which gained nearly 10 percent during the same period.

On June 23, Welspun Specialty informed BSE that it has been named the L1 bidder by BHEL for the supply of seamless stainless steel boiler tubes for the National Thermal Power Corporation's (NTPC) Talcher 2 x 660 MW super critical thermal power project.

Follow our live blog for all the market action

This selection follows a rigorous assessment and approval process by both BHEL and NTPC, Welspun said.

Welspun Specialty is a fully integrated manufacturing facility for stainless steel long products and seamless pipes and tubes spread over an area of 126 acres in Jhagadia, Gujarat.

Welspun Specialty Solutions Limited, formerly known as RMG Alloy Steel Ltd. The company was incorporated in 1980 in Mumbai.

In the quarter ended March, Welspun Specialty's net profit stood at Rs 40 crore, up from Rs 8 crore in the year-ago period. The company's revenue from operations came in at Rs 151.1 crore, rising from Rs 137.8 crore recorded a year ago.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.