Welspun Corp Stock Rises Again After Hitting 52-Week High Value

Welspun Corp. stock price hit a 52-week high yesterday after getting a US project. Today it jumped 2.19% more due to the Nauyaan Shipyard acquisition announcement.

Welspun Corp increased 2.19% to Rs 272.60 after the business disclosed that it had acquired the full share capital of Nauyaan Shipyard from a linked party (promoters) for Rs 1 lakh at fair market value.

A corporation called Nauyaan Shipyard has as its goals the building of ships as well as shippers, ship owners, repairers, re-fitters, fabricators, etc. At this time, Nauyaan has neither significant assets nor liabilities.

Also Read: Ambuja Cements, ACC & Other Cement Stocks Rises Upto 4.5%

The aforementioned transaction was made by Welspun with the objective of turning it into a fully owned subsidiary and a significant purpose entity for investing in the marine fabrication industry.

End-to-end pipe solutions are offered by Welspun Corp, a one-stop service provider.

Despite a 3.69% increase in revenue to ₹ 1,288.23 crore in Q1 FY23 compared to Q1 FY22, the organization’s consolidated net profit decreased 95.78% to ₹ 4.11 crore.

The stock has soared 92.05% during the last six months, while the benchmark Sensex has up 3.50% in that time.

Welspun Corp Received A Large ‘Carbon Capture Pipeline’ US Project Order

Welspun Corp. shares increased more than 6% to 262 per share on the BSE on Monday, trading close to their 52-week high level of 267 after the firm disclosed that it has received a sizable contract for a Carbon Capture Pipeline project in the US.

Also Read: Top 5 NSE & BSE Listed Semiconductor Stocks In India For 2022

The project, according to the corporation, would not only drastically reduce CO2 emissions in the environment but will also help us strategically achieve our environmental, social, including governance (ESG) goals, which are intended to create a cleaner and greener globe.

Also Read: Top 8 Stock Market Crashes In India Till Date (Updated 2022)