Trending stock: Welspun Corp rises after its associate arm in Saudi Arabia secures order worth SAR 324 million
This order has been awarded by SWCC, which operates desalination plants and power stations in Saudi Arabia.
The shares of Welspun Corp Ltd are trending on the bourses today. This surge has come on the back of an order win reported by the company today.
As per the exchange filing, its associate company, East Pipes Integrated Company for Industry (EPIC) in the Kingdom of Saudi Arabia (KSA), has secured an order from SWCC for the manufacture and supply of steel pipes. The contract is valued at SAR 324 million (approximately), which is inclusive of value-added tax. EPIC shall execute the project in this financial year. The contract value roughly translates to Rs 689 crore.
Saline Water Conversion Corporation (SWCC) is a government corporation that operates desalination plants and power stations in Saudi Arabia. It is the second largest electrical provider in the country.
EPIC is Saudi Arabia’s leading manufacturer of Helical Submerged Arc Welded (HSAW) pipes. Before this, EPIC had secured two more projects from SWCC. One of these contracts (secured in May 2022) was worth SAR 490 million while the other (secured in March 2022) was worth SAR 497 million.
Today, the scrip opened at Rs 211.20 and has touched a high and low of Rs 214.60 and Rs 207, respectively. So far 52,442 shares have been traded on the bourses.
Welspun Corp Ltd, the flagship company of Welspun Group, is among the Largest Welded Line Pipe manufacturing companies in the world. The company manufactures and supplies some of the most critical pipelines in the world from its plants in India, the Kingdom of Saudi Arabia and USA.
The company is currently trading at a TTM PE of 12.54x, as against the industry PE of 4.75x. In FY22, the company delivered an ROE & ROCE of 10.60% and 13.36%, respectively.
At noon, the shares of Welspun Corp Ltd were trading at Rs 210.70, a decrease of 0.07% from the previous day’s closing price of Rs 210.85 on BSE. The stock has a 52-week high and low of Rs 250.5 and Rs 106 respectively on BSE.
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