Welspun Specialty zooms over 17% on bagging Rs 117 cr-order from BHEL
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Welspun Specialty shares rally: Shares of Welspun Specialty Solutions soared as much as 17.36 per cent to hit an intraday high of Rs 44.40 per share on Monday, June 24, 2024.
The uptick in share price came after the company announced that it has been notified as the lowest bidder (L-1) by Bharat Heavy Electricals Limited (BHEL, Trichy) for supply of seamless stainless steel boiler tubes for NTPC Talcher 2 x 660 MW super critical thermal power project.
In an exchange filing, Welspun Specialty said, “We are pleased to inform that Welspun Specialty Solutions Limited (WSSL) has been notified as L1 bidder by Bharat Heavy Electricals Limited (BHEL, Trichy) for supply of Seamless stainless steel Boiler Tubes for National Thermal Power Corporation (NTPC) Talcher 2 x 660 MW Super critical Thermal Power Project.”
The total supply contract value stood at approximately Rs 117 crore, the company said in a statement.
Welspun Specialty Solutions Limited, based in Mumbai, specialises in manufacturing and distributing a range of steel products.
Originally known as RMG Alloy Steel Limited, the company rebranded as Welspun Specialty Solutions Limited in August 2019.
Since its inception in 1980, the company has been a key player in the Indian market, offering billets, rolled bars, ingots, blooms, pipes, tubes, bright bars, heat exchange equipment, round-cornered square and round bars, U-bend tubes, hollow bars, and other related tubing products. These products cater to diverse industries including oil and gas, power generation, defence, aviation, chemicals, and fertilisers.
Financial performance
Welspun Specialty Solutions’ net profit came in at Rs 40 crore in the March quarter of financial year 2024 (Q4FY24), as opposed to a profit of Rs.8.06 crore in Q4FY23. Its total income stood at Rs. 156.4 crore in Q4FY24, from R 141 crore in Q4FY23.
For the Financial Year ended March 31, 2024, Welspun Specialty Solutions reported a total income of Rs 718.2 crore, as against Rs 432.6 crore in FY23.
The market capitalisation of Welspun Specialty Solutions is Rs 2,229.02 crore, according to Bombay Stock Exchange (BSE). The company trades in the BSE SmallCap index category.
At 12:45 PM, shares of Welspun Specialty were trading 11.16 per cent higher at Rs 42.05 per share. By comparison, BSE Sensex was trading 0.22 per cent higher at 77,376.28 levels.
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