US order boost for Welspun Gujarat

DALAL STREET SPIKES

Welspun Gujarat Stahl Rohren surged over 11 per cent in intra-day trades on Friday after the company announced bagging of an order worth Rs 500 crore from the US.

The stock closed at Rs 40.70, up 7.38 per cent from its previous close. According to markets sources, there was some buying interest at the counter over the past few days in anticipation of some positive development.

From Rs 30.30 on August 2, 2004, the scrip jumped 28.5 per cent to Rs 38.95 on September 10, 2004. It dipped from the higher level to settle at Rs 37.90 on September 16, 2004.

The counter witnessed an impressive volume of more than 52.7 lakh shares on the BSE.

The company on Friday announced the bagging of an order exceeding Rs 500 crore for the supply of pipes for a pipeline project in the US.

"The management perceives that the order will substantially improve the performance and profitability of the company," it said.