Welspun Corp Limited's Saudi JV wins contracts

Welspun Corp Limited's associate company, East Pipes Integrated Company for Industry (EPIC) in the Kingdom of Saudi Arabia (KSA), has announced signing contracts for the supply of Steel Pipes for Water Transmission with a total value of around SAR 569 million inclusive of value added tax. The details of these contracts are as follows:

1. Multiple Contracts Sign Off with NEOM with total value of around SAR 373 million inclusive of value added tax. The pipes have to be supplied within 12 months and the financial impact of this will be starting in Quarter 1 of FY 2023 -24.

2. Contract Sign Off with PETROJET Co. with total value of around SAR196 million inclusive value added tax. The financial impact of this will be in Quarter 1 & 2 of FY 2023-24.

EPIC is Saudi Arabia's leading manufacturer of Helical Submerged Arc Welded (HSAW) pipes. Its fully integrated manufacturing facilities, track record of effective execution, and technological knowhow, enable it to remain well-placed to secure further projects both in the Water and Oil & Gas sector.

Shares of Welspun Corp Limited was last trading in BSE at Rs. 225.20 as compared to the previous close of Rs. 226.60. The total number of shares traded during the day was 9844 in over 414 trades.

The stock hit an intraday high of Rs. 228.30 and intraday low of 224.95. The net turnover during the day was Rs. 2222889.00.

Source : Equity Bulls

Keywords

WelspunCorp INE191B01025 EPIC SaudiArabia OrderWin