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Welspun Corp shares at 52-week high on orders worth Rs 1,725 crore

Most of the orders received will be executed from our facilities in India, Welspun said.

June 09, 2021 / 10:28 AM IST
 
 
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Welspun Corp share price touched a 52-week high of Rs 165, adding 6 percent on June 9, after the company received multiple orders worth Rs 1,725 crore.

"..... These include, reinstatement of an offshore sour pipes supply contract (270 km / 87 KMT) in Australia for the Barossa Offshore Development Project," the company said in its press release.

The had received this order last year, however, the same was subsequently deferred by the customer due to delay in Final Investment Decision (FID).

Subsequent to the recent FID of the project, the customer has given a go-ahead to Welspun for the execution of the contract.

Most of the above mentioned orders (including Barossa Project) received, will be executed from our facilities in India, Welspun said.

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With these orders, the company’s order book stands at 525 KMT valued at approximately Rs 4,800 crore, after considering execution up to May 2021.

The company in another release said that it has received Rs 498.50 crore, taking the total receipt to Rs 723.50 crore, as of June 08, 2021, from the Business Transfer Agreement (BTA) between JSW Steel (purchaser) and the company (seller) for sale of Plates and Coil Mill Division.

The balance consideration, subject to closing adjustments for net working capital will be received on fulfillment of regulatory approvals and payment milestones as provided under the BTA.

At 10:04 hrs, Welspun Corp was quoting at Rs 161.50, up Rs 6.40, or 4.13 percent on the BSE.
Moneycontrol News
first published: Jun 9, 2021 10:28 am

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