Welspun Corp Ltd shares surged more than 6% on Thursday after its associate company EPIC announced receiving orders worth around Rs 3,000 crore or 1.32 billion Saudi Riyal in Saudi Arabia.

Welspun Corp’s shares hit a record high of Rs 608.00, up 6.1% from its previous closing price on the National Stock Exchange (NSE). The stock closed 5.20% higher at Rs 600.00. 

Welspun Corp informed the exchanges in a regulatory filing that its associate company, East Pipes Integrated Company for Industry (EPIC) in the Kingdom of Saudi Arabia (KSA), has received three orders aggregating to a value of more than SAR 1.32 billion or Rs 3,000 crore.  

EPIC received a SAR 1 billion or Rs 2,200 crore order from Saline Water Conversion Corporation (SWCC) for the supply of steel pipes, including value-added tax (VAT), to be completed in 39 months. 

The company added that the financial impact of the contract will be reflected in the first quarter of FY2024-25 till the second quarter of FY2026-27.

The second order is from Saudi Arabian Oil Co (Aramco) for the manufacturing and supply of steel pipes and is valued at over SAR 153 million or Rs 339 crore, inclusive of VAT. The order will be executed in eight months, and its financial impact will be reflected in Q1 and Q2 of the financial year 2024-2025.

The final order is a contract from Aramco for double-joining and coating steel pipes, and it is to be executed in 20 months. The order has a value of over SAR 170 million or Rs 377 crore inclusive of VAT and would be reflected in the company’s books from the first quarter of FY25 till the second quarter of FY26.