Welspun Corp gains after subsidiary gets Odisha nod to Rs 479.47-cr plant

The project is likely to be implemented over the next three fiscal years.

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Shares of Welspun Corp traded 1 percent up in the early hours of November 23 after the company’s subsidiary got the investment approval to set up a manufacturing unit.

At 9:33am, Welspun Corp was quoting Rs 546.00, up Rs 7.60, or 1.41 percent, on the BSE.

The company’s wholly owned subsidiary, Sintex BAPL, has got the Odisha government’s approval to its proposed investment of Rs 479.47 crore for setting up a manufacturing unit for CPVC, UPVC, SWR, agri pipes, PVC fittings and plastic tanks with an annual capacity of 37,520 MT in Sambalpur, Odisha, the company said in a statement.

The project is likely to be implemented over the next three fiscal years. The state-level single-window clearance authority (SLSWCA), under the guidance of the chief secretary at its 124th meeting, gave the nod to the project proposal of Sintex BAPL.

“Sintex is an iconic brand for its water tanks and we keep exploring growth options in existing and new locations. While our entire focus in WST is on re-energising retailers, distributors, plumbers and customers, our foray into PVC pipes segment will strengthen our presence into the building material verticals further,” BK Goenka, chairman of Welspun Group.

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Earlier in this month, associate firm East Pipes Integrated Company for Industry (EPIC) signed a contract with Saudi Aramco worth about Rs 1,000 crore for manufacturing and supply of large-diameter steel pipes.

The share touched a 52-week high of Rs 562.00 and a 52-week low of Rs 177.85 on 21 November, 2023 and 27 February, 2023. The stock is trading 2.85 percent below its 52-week high and 207 percent above its 52-week low.

The share price surged 126 percent in the last six months.