Shares of Welspun Specialty Solutions Ltd (WSSL) jumped over 17% on the BSE after the company secured the position of the lowest bidder for an order worth Rs 117 crore from Bharat Heavy Electricals Ltd (BHEL).
As of 11:41 AM, Welspun Specialty shares were trading 12% higher at Rs 42.5 apiece. Over the past six months, the stock has gained 5%, which is below the Nifty 50 index’s nearly 10% rise during the same period.
On June 23, Welspun Specialty informed the BSE that it had been selected as the L1 bidder by BHEL for supplying seamless stainless steel boiler tubes for the National Thermal Power Corporation’s (NTPC) Talcher 2 x 660 MW super critical thermal power project.
This selection follows a stringent assessment and approval process conducted by both BHEL and NTPC, Welspun Specialty stated.
Welspun Specialty Solutions Limited operates a fully integrated manufacturing facility for stainless steel long products and seamless pipes and tubes, located on 126 acres in Jhagadia, Gujarat. Formerly known as RMG Alloy Steel Ltd, the company was incorporated in Mumbai in 1980.
In the quarter ended March, Welspun Specialty reported a net profit of Rs 40 crore, up from Rs 8 crore in the same period last year. The company’s revenue from operations was Rs 151.1 crore, compared to Rs 137.8 crore a year ago.
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