Welspun Corp soars over 4.30% after pipemaker gets Rs 562 cr order from Latin America

Welspun Corp Share Price: Welspun Corp soared by over 4.30 per cent on BSE on Wednesday (April 24, 2024) after the mid-cap company receives an order worth Rs 611 crore from Latin America. 

The stock jumped to the day's high of Rs 586.00, a 4.32 per cent jump from its previous close of Rs 561.75, after starting trading at Rs 574.00 on Wednesday.

Welspun Corp shares were trading higher by 1.79 per cent, or Rs 10.05, at Rs 571.80 at 11 am on Wednesday.

Welspun Corp said in a statement on Tuesday: "We are pleased to announce the receipt of binding Letter of Award (LOA) for export of line pipes from India. The contract, valued at Rs 611 crore is for supply of LSAW pipes, coating and bends in Latin America."

Please note that this LOA is governed by conditions precedent, and shall be followed up with a Notice to Proceed / Purchase Order, which is to be issued by the second week of May, the company said further. 

Welspun Corp is a service provider of welded line pipes, ductile iron pipes, stainless steel pipes, tubes, and bars.