Welspun Corp's share price gained in the early trade on September 3 after the company board approved investment by its subsidiary for upgradation of pipes manufacturing.
At 09:42 am, Welspun Corp was quoting at Rs 697.95, up 0.35 percent, on the BSE.
".... board has approved an investment of approximately USD 100 million by wholly owned subsidiary Welspun Pipes Inc. for the strategic upgradation of the HFIW (High Frequency Induction Welding) pipes manufacturing and coating capability in the USA for enriching its product portfolio, company said.
The investment, which will be financed through local debt and internal accruals over 18 months.
It will enable the company to offer pipes with sizes up to 24 inches in outside diameter and 0.750 inches in wall thickness, with grades up to X80, and a capacity of 350 KMTPA.
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For the June quarter, Welspun Corp reported a 47 percent increase in net profit, reaching Rs 247.94 crore, despite a decline in total income to Rs 3,179.67 crore.
Welspun Corp, the flagship firm of Welspun Group, is one of the largest manufacturers of large-diameter pipes globally and has established a global footprint across six continents and 50 countries.
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