Welspun Corp rises 6%, hits 52-week on acquiring Nuyaan Shipyard

Shares of Welsun Corp rallied nearly 6 per cent in Tuesday’s trade to hit 52-week high of Rs 281.40 after the company acquired the entire share capital of Nauyaan Shipyard at a fair value consideration of Rs 1 lakh with an intention to make it a wholly-owned subsidiary.

“We are now pleased to inform that the company has acquired entire share capital of Nauyaan Shipyard Private Limited, a company with objects, inter alia, of ship building, shippers, ship-owners, repairers, re-fitters, fabricators etc., from a related party, at a fair value consideration of Rs 1 lakh with an intention to make it a wholly-owned subsidiary and a special purpose vehicle for investment in the field of Marine Fabrication,” the company said in its BSE filing.

At 1:00 pm, the stock was trading at Rs 274 on BSE, up 2.74 per cent.

Shares of Welspun Corp have been in an uptrend for the last one year, with a 120 per cent rise.

The company on Saturday announced that it has secured a significant order for a carbon capture pipeline project in the United States. "This order is for the supply of 785 miles (1,256 KM) or 100,000 MT (approximately) of high-frequency induction welding (HFIW) pipes, and would be used for transporting captured carbon dioxide," the filing said.

Mumbai-based Welspun Corp is the second largest manufacturer of large-diameter pipes in the world and is the flagship company of the Welspun Group. It operates a 1.65 mtpa plant in Anjar, Gujarat, which is being increased to 2.1 mtpa.