Welspun Corp Shares gained 3% during the early trading hours on 26 September after the company’s wholly-owned subsidiary signed an MoU (memorandum of understanding) with the state government of Telangana for setting up a manufacturing unit for an investment of up to Rs 350 crore.

The project is under the government’s incentive scheme, and the unit will manufacture water tanks and pipes.

Sintex is planning to make its entry into the pipes business through this project, which will have a blend of different types of PVC pipes and fittings.

The design of the project is in its early development stage, and its initial investment will not exceed Rs 50 crore on land and infrastructure during the current fiscal year.

The total investment for the project will spread over the next three fiscal years.

The shares of the company hit a 52-week high of Rs 406.70 on 21 September 2023 and a 52-week low of Rs 177.85 on 27 February 2023.

At 11:40 am, the shares of Welspun Corp were trading at Rs 398 or 2.25% above its previous close on NSE.