Welspun Corp stock rises as company bags ‘significant’ order for US project
Shares of Welspun Corp rose on September 19 after the company said it bagged a significant order for a project in the United States.
The stock advanced nearly 4 percent at opening to Rs 257.35 apiece on the BSE.
In a regulatory filing on Saturday, the metal company said that it has secured an order for a carbon capture pipeline project in the United States. This order is for 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 for this order will be produced from Welspun’s Little Rock plant in the US and the same will be executed in FY 23‐24, it added.
Welspun Corp did not reveal the monetary 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,” said the company.
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Welspun added that with this project, it would not only significantly contribute in reducing the emissions in the environment, but also it is a big leap forward for us in strategically meeting its environmental, social, and governance (ESG) goals.