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.
Over the next three fiscal years, the whole investment will be spread out. The project design is in its early stages, and the initial investment in land and infrastructure would not exceed Rs 50 crore in the current fiscal year (FY24), according to the business. The stock reached a 52-week high of Rs 406.70 on september 21, 2023, and a 52-week low of Rs 177.85 on february 27, 2023, respectively. The stock is now trading 122.66 percent above its 52-week low and 2.63 percent below its 52-week high.
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.
