Welspun Corp rises 5% after a big order win in the US

New Delhi: Shares of Welspun Corp, which is part of Welspun Group, rallied about 5 per cent during the early trade on Monday after the company received an order from the United States (US).

Welspun Corp has secured a significant order for a carbon capture pipeline project in the United States, the company said in a regulatory filing.

"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 added.

Following the order win, shares of Welspun Corp jumped about 5 per cent to Rs 258.70 on Monday, before trading at Rs 256.15 at 10.45 am. The scrip had settled at Rs 247.50 on Friday.

The pipes for this order will be produced from the company's Little Rock plant in the US and the same will be executed in FY 23-24. However, the company did not mention the estimated value of the order.

Welspun Corp's shares have been in an uptrend for the last six months as they have zoomed about 72 per cent. The scrip has more than doubled investors' wealth in the last one year, with a 110 per cent rise.

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.