Updated Article (publication date: Thursday, January 18 2024 06:48AM UTC):
MUMBAI - Welspun Corp Ltd has announced that its associate, EPIC, a prominent HSAW pipe manufacturer in Saudi Arabia, has landed a series of significant orders totaling approximately Rs. 3,000 crores. These orders mark a substantial achievement for the company in the Middle Eastern market.
The contracts include a major deal with the Saline Water Conversion Corporation (SWCC) valued at Rs. 2,200 crores for the supply of Helical Submerged Arc Welded pipes. Additionally, EPIC has secured orders from Saudi Aramco (TADAWUL:2222), the world's leading integrated energy and chemicals company, for specific pipe production and supplementary services amounting to Rs. 716 crores.
The financial benefits of these new orders will begin to materialize in the earnings reports starting from the first quarter of the fiscal year 2024/2025 and will continue to impact positively through to the second quarter of the fiscal year 2026/2027.
Today, Welspun Corp Ltd shares achieved an unprecedented high at ₹608.05 during intraday trading after four consecutive sessions of growth due to EPIC landing these significant orders. This surge in share price has caused trading volumes to outpace the two-week average significantly. Over various periods, shares have witnessed substantial growth: soaring by165% over one year; ascending by95% within six months; and climbing by12.5% over the last month; propelling Welspun Corp’s market cap to ₹15,674 crore.
These pivotal contracts secured by EPIC are set to further KSA's strategic plans under Vision objectives through its specialization in HSAW pipes. This development cements EPIC's status as a leading provider of specialized HSAW pipes in critical sectors and is expected to continue bolstering Welspun Corp's market performance.
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