Shares of Welspun Corp. rose to a record high on Tuesday after the company bagged an order worth Rs 2,400 crore for the supply of coated HSAW pipes for a natural gas pipeline project.
The project will be executed during financial years 2025 and 2026, the iron and steel products manufacturer said in an exchange filing on Tuesday. This win further reinforces its credibility and demonstrates its leading position in the USA market, it said in a statement.
"Our outlook for the USA market remains extremely positive, and there are a few more projects in which we have participated and are favourably placed for orders," the company said in the filing.
Shares of Welspun Corp. rose as much as 3.71% to hit a lifetime high of Rs 794.7 apiece on the NSE. However, by 11:10 a.m., the stock price erased all of the morning gains to trade 2.04% lower at Rs 750.6 apiece, compared to a 0.17% decline in the benchmark Nifty 50.
The stock has risen 93% during the last 12 months and 37% year-to-date. The total traded volume so far in the day stood at 7.5 times its 30-day average. The relative strength index was at 64.
Two out of the three analysts tracking the company have a 'buy' rating on the stock, and one suggests a 'hold', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 5.8%.
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