Welspun Corp locked in upper circuit post Q4; stock rallies over 40% in 2 days

NEW DELHI: Shares of Welspun Corp closed the day at Rs 78.15, up 19.95%, on the BSE. The shares were locked in 20% upper circuit at Rs 78.15 for a second straight session on Wednesday, a day after the company reported 11-fold jump in consolidated net profit at Rs 144 crore for the quarter ended March 2015 on higher income.

Welspun Corp has rallied from a closing price of Rs 54.30 recorded on 27 April to Rs 78.15, hit in trade on Wednesday, April 29, which translates into a gain of nearly 44% (intraday).


The flagship firm of the $3 billion Welspun Group had reported a Rs 12.62 crore profit in January-March period of 2013-14.

The total income from operations rose to Rs 2,375 crore during the fourth quarter of the last fiscal as against Rs 1,534 crore in the same quarter of 2013-14, PTI reported.

Total expenses of the company during the January-March quarter stood at Rs 2,106 crore as against Rs 1,489 crore during the corresponding period of the previous fiscal, added the report.

The company said, "The total order book as on date stands at approximately Rs 72 billion." and added

Welspun Group Chairman B K Goenka said: "We have not seen any note worthy effect of the sharp fall in energy prices. We continue to add to our order book, which has crossed the one million tonne mark and provides us with strong visibility for next year."

He added: "Taking into account the bids we have already submitted, we are confident of better mill utilisation this year. The quality of the order book has also shown visible improvement. US demand continue to be strong and is expected to drive performance in near future."

Welspun Corporation is the flagship company of Welspun Group. The company makes and supplies critical pipelines in the world from its plants in India and USA. They have an installed line pipe capacity of nearly 2.28 MTPA (million tonnes per annum).