Moneycontrol Bureau
Shares of Welspun Corp gained 9.4 percent intraday Friday on getting export order for onshore project in America.
"The company has won an order for supply of 2.16 lakh tonnes line pipes for an onshore project in Americas," says the pipe maker.
With the addition of this order, current order hook of the company has crossed 10.40 lakh tonnes worth Rs 6,400 crore, it adds.
Revenue recognition from this order will start next year, says BK Mishra, managing director. He expects the company to start FY17 with orders of 5-6 lakh tonne.Additionally, the company has recorded a profit of Rs 101 crore for quarter ended September 2015, an increase compared to Rs 5.25 crore in year-ago period on strong operational performance. Revenue increased 3.8 percent to Rs 2,503.3 crore from Rs 2,412.4 crore year-on-year in same period.
At 09:25 hours IST, the scrip of Welspun Corp was quoting at Rs 105.65, up Rs 8.05, or 8.25 percent on the BSE.
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