Shares of Welspun Corp Ltd. rose by nearly 3% to touch a day’s high of Rs 653.70 on 7th August, after the company announced its associate has won multiple contracts worth around Rs 525 crore for manufacturing and supplying steel pipes and coatings.

The duration of the contract is two years. The company’s arm, East Pipes Integrated Company for Industry, is a leading manufacturer of helical submerged arc welded pipes in Saudi Arabia.

The financial impact of this contract will be witnessed from the fourth quarter of this fiscal year until the third quarter of the 2026-27 financial year.

Last month, the company received an order from the Middle East for LSAW pipes and bends (bare and coated), with execution scheduled for FY25 and FY26.

In June, the company announced its Saudi Arabian associates had signed contracts worth around Rs 3,670 crore with Aramco.

Tata Steel and Welspun Corp developed API X65 grade pipes for carrying high-pressure hydrogen at RINA, Italy.

Tata Steel became the first Indian mill to roll out hot-rolled steel for hydrogen-carrying pipes, while Welspun Corp became the first Indian mill to manufacture electric resistance welded pipes.

This Green Energy Strategic Partnership will test Welspun Corp’s pipes for the transport of hydrogen in accordance with the government’s green hydrogen policy.

At 11:38 AM, the shares of Welspun Corp Ltd. were trading 2.93% higher at Rs 650.40 on BSE.

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