Welspun Corp rises 2% as subsidiary signs MoU for manufacturing unit in Telangana

The share touched a 52-week high of Rs 406.70 and a 52-week low of Rs 177.85 on 21 September, 2023 and 27 February, 2023, respectively.

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Welspun Corp share price rose 2 percent in early trade on September 26 after its wholly owned subsidiary, Sintex BAPL, entered into an MoU with the state government of Telangana to set up a manufacturing unit with an invetsment of upto Rs 350 crore.

At 09:25 hrs Welspun Corp was quoting at Rs 396.00, up Rs 7.30, or 1.88 percent on the BSE.

The proposed project is under the state government’s incentive scheme and will be manufacturing water tanks and pipes. Sintex plans to make its foray into pipes business through this project, which will have a mix of different types of PVC pipes and fittings.

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The total investment will spread over next three financial years.

The project design is at an early stage and the initial investment will not exceed Rs 50 crore on land and infrastructure in the current financial year (FY24), the company said.

The share touched a 52-week high of Rs 406.70 and a 52-week low of Rs 177.85 on 21 September, 2023 and 27 February, 2023, respectively.

Currently, the stock is trading 2.63 percent below its 52-week high and 122.66 percent above its 52-week low.