The shares of Welspun Corp Ltd. touched a 12-year high of ₹ 281.30 apiece on Tuesday’s early trades. The multibagger stock advanced 8.5% in two days as it secured a significant order for a Carbon Capture Pipeline project in the United States, as per a regulatory filing.
As per the shareholding pattern for June, the Life Insurance Corporation of India (LIC), held 1,53,62,312 equity shares or 5.89 per cent stakes in Welspun Corp.
The company in a regulatory filing said that the 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 pipes will be produced from the Little Rock plant in the US and the order will be executed in FY 23‐24. However, it did not mention the estimated value of the order.
“This large strategic order once again reflects our strong culture of engineering excellence and the trust customers have in our capabilities to execute large‐scale projects, both in terms of supplying impeccable quality and for on‐time deliveries,” the company said.
It added that this project is a big leap forward for the company in strategically meeting its environmental, social, and governance (ESG) goals, as it would reduce emissions in the environment.
The company’s shares have been on an uptrend for the last six months and have zoomed 83%. In the last year, the shares gave multibagger returns of 124.25%.
Welspun Corp, a Mumbai-based company is the second largest manufacturer of diameter pipes in the world. The flagship company of the Welspun group is a one-stop service provider offering end-to-end pipe solutions.
Written by Simran Bafna
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