Business News

Welspun Corp share price rallied 4% to a 52-week high of Rs 795 in Tuesday's trade on BSE following the announcement of a major order worth Rs 2,400 crore in the United States."We are pleased to announce the receipt of a significantly large order in the USA valued at Rs 2,400 crore (approx.), for supply of Coated HSAW Pipes for a Natural gas Pipeline project," the company said in an exchange filing. The execution of this order is scheduled for FY25 and FY26."This win further reinforces our credibility and demonstrate our leading position in the USA market. Our outlook for the USA market remains extremely positive and there are few more projects, where we have participated and are favourably placed for orders," the company added.However, after reaching the new 52-week high, the stock later declined by 2% to Rs 751 at 11:07 am. Welspun Corp shares have surged 32% year-to-date and 183% over the past two years, with the company currently holding a market capitalization of Rs 19,724 crore.In Q1 FY25, Welspun Corp reported a 50% year-on-year (YoY) jump in net profit at Rs 248.2 crore. In the corresponding quarter, Welspun Corp posted a net profit of Rs 165 crore, the company said in a regulatory filing. The company's revenue from operations tanked 22.9% to Rs 3,137.3 crore against Rs 4,069.3 crore in the corresponding period of the preceding fiscal.At the operating level, EBITDA was up 1.4% to Rs 374 crore in the first quarter of this fiscal over Rs 368.8 crore in the year-ago period. The EBITDA margin stood at 11.9% in the reporting quarter versus 9% in the corresponding period in the previous fiscal.Technically, the stock's relative strength index (RSI) is at 72.1. According to Trendlyne, an RSI below 30 is considered oversold, while above 70 indicates overbought conditions. Additionally, the MACD is at 6.7, which is above its center and signal line, this is a bullish indicator.The stock is trading above its 5-day, 10-day, 20-day, 30-day, 50-day, 100-day, 150-day, and 200-day simple moving averages (SMAs).(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)