Welspun Corp share price jumped 4.8 percent intraday on March 1 after receiving order an 83,000 million tonnes bare pipes order from Middle East. On the NSE, the stock closed at Rs 193. A contract for the export of LSAW pipes and bends to the Middle East has been awarded to the pipe solutions provider. The company will execute this contract at Anjar facilities in FY23-24. “The contract is for approximately 83,000 MT bare pipes with an option of coating exercisable by the project owner subsequently,” Welspun said in its filing to exchanges.
The supplied pipes will be used for offshore gas production and transportation, which will accelerate and improve LNG export infrastructure in one of the world’s largest LNG producing and exporting countries, according to the company. Welspun Corp reported weak bottom-line growth in the fiscal year ended December 31, FY23, owing primarily to lower other income and a contraction in operating margin. Consolidated profit fell by 49 percent year on year to Rs 23.24 crore, as other income fell sharply to Rs 8.01 crore from Rs 57.57 crore in the same period.