Shares of Welspun Specialty Solutions Ltd skyrocketed 17% on 24 june after the company announced emerging as the lowest bidder (L1) for an order worth Rs 117 crore from Bharat Heavy Electric (BHEL).

In its regulatory filing, the company said that they have emerged as the L1 bidder by BHEL for supplying seamless stainless steel boiler tubes for the National Thermal Power Corporation’s Talcher 2×600 megawatt (MW) supercritical thermal power project. 

Welspun Specialty operates a fully integrated manufacturing facility for stainless steel long products and seamless pipes and tubes, spanning 126 acres in Jhagadia, Gujarat.

Previously known as RMG Alloy Steel Ltd., Welspun Specialty Solutions Limited was incorporated in 1980 in Mumbai.

In the quarter ending March, Welspun Specialty reported a net profit of Rs 40 crore, a significant increase from Rs 8 crore in the same period the previous year. The company’s revenue from operations also rose, reaching Rs 151.1 crore compared to Rs 137.8 crore a year earlier.

At 3:30 pm, the shares of Welspun Speciality closed 11.60% higher at Rs 42.22 on NSE.