Welspun Corp shares climbed nearly 4 percent intraday on January 24 after an associate company wins contracts worth SAR 569 million in Saudi Arabia.
Welspun Corp associate East Pipes Integrated Company for Industry (EPIC) in the Kingdom of Saudi Arabia has signed contracts for the supply of steel pipes for water transmission with a total value of SAR 569 million.
Multiple contracts sign off with NEOM with a total value of around SAR 373 million inclusive of value added tax.
The pipes have to be supplied within 12 months and the financial impact of this will be starting in Quarter 1 of FY2023 -24.
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The company also sign off contract with Petrojet Co with total value of around SAR 196 million inclusive value added tax.
The financial impact of this will be in the first and the second quarters of FY2023-24.
EPIC is Saudi Arabia’s leading manufacturer of Helical Submerged Arc Welded (HSAW) pipes. Its fully integrated manufacturing facilities, track record of effective execution, and technological knowhow, enable it to remain well-placed to secure further projects both in the water and oil and gas sector.
The share touched a 52-week high Rs 298.35 and a 52-week low Rs 135.55 on September 22, 2022 and March 7, 2022. It is trading 22.56 percent below its 52-week high and 70.45 percent above its 52-week low.
At 9:54am, Welspun Corp was quoting at Rs 230.40, up Rs 5.20, or 2.31 percent, on the BSE.
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