Welspun Corp shares rally 6% to hit 52-week high on receipt of orders worth Rs 1,725 cr

The share price of Welspun Corp rallied 6 percent to hit a fresh 52-week high of Rs 165.00 after the company announced receipt of multiple orders of approximately 164 KMT valuing close to Rs 1,725 crore.

In an exchange filing, Welspun Corp said these orders include reinstatement of an offshore sour pipes supply contract (270 km / 87 KMT) in Australia for the Barossa Offshore Development Project.

“We had received this order last year, as communicated on March 11, 2020, however, the same was subsequently deferred by the customer due to delay in Final Investment Decision (FID) as communicated through our announcement dated March 27, 2020. Subsequent to the recent FID of the project, the customer has given a go ahead to Welspun for the execution of the Contract,” the company said.