Jindal Saw rises on American order

DALAL STREET SPIKES

Jindal Saw surged over 4.8 per cent to close at Rs 503 on volumes of over 2.3 lakh and was the second-best performer in the A group.

The company announced today that it had bagged its single-largest order of $355 million from a large corporation in the USA.

The order involves the supply of 42" submerged arc welded pipes (L saw pipes). The order, which is for approximately 366 miles, including double jointing and coating, is scheduled to be executed by March 2008.

Itsorder book is $1.5 billion and is scheduled to be complete by March-April 2008. The stock has fluctuated in the range of Rs 451-488.