Welspun Shares Down Despite Bagging ₹1,300 Crore Order In US

The red wave that swept the Indian markets on Monday, November 2, appears to have devoured company shares that were in focus as well. Such is the case for Indian infra MNC Welspun as well. The company shares dropped by over 1 per cent in the intraday trade.

Welspun Bags A Major Deal

This comes at the back of the news of the company bagging another major US deal. This time, according to reports, Welspun Corp. claimed that it has managed to bag two large orders in the US. These supposedly consequential orders are cumulatively worth Rs 1,300 crore.

HSAW pipes

The deal was inked by the Mumbai-based company for the supply of coated HSAW pipes for natural gas pipeline projects.

Uncertainty In Markets

This is considered a major development for the company that had managed another deal in the United States in October. This particular deal was stated to be worth Rs 2,400 crore.

As a result of these developments, the company is said to be optimistic about its prospects in the largest economy of the world.

However, when it comes to the company shares, in the most immediate sense of things, are in retrograde. As mentioned before, the Indian markets have been trading in red on Monday, which is sweeping across companies including Welspun.

This development comes just a day ahead of the all-important US presidential election on November 5.

Welspun Shares Drop

Welspun Corp. shares that reached a decline of over 1.4 per cent further declined as the day's trade progressed further on Monday.

On Monday, November, at 11:27 IST, the company shares declined further by 1.87 per cent or Rs 13.70. This took the overall value of the shares to Rs 719.70 per piece.

This came to pass after the company shares opened for trade on an optimistic note of Rs 745.00 per share. Welspun Corp's 52-week high stands at Rs 794.75 per share.