Aug 21 (Reuters) – Indian steel pipe maker Welspun Corp has bagged a record $1.8 billion order to supply pipes from its U.S. facility, sending its shares up 12.1% to an all-time high on Friday.
The order highlights strong demand for pipes used in energy and infrastructure projects, while geopolitical tensions have spurred investment in new pipeline networks.
The order, roughly one-third of Welspun’s market capitalisation, is scheduled for execution in fiscal years 2028 and 2029, and will lift the company’s global order book to a record $4.4 billion, the company said in a statement late Thursday.
Welspun’s U.S. manufacturing facility in Arkansas has been central to its North America expansion plans and is positioned to meet demand from oil and gas, LNG export, and hydrogen pipeline projects.
During its first-quarter earnings call, the company’s management described U.S. demand as “very buoyant,” with LNG export infrastructure and growing power needs from AI-driven data centers as major drivers.
Welspun’s shares rose to a record high of 2,246 rupees, as of 10:04 a.m. IST. The stock is up 173.4% year-to-date.
($1 = 95.7000 Indian rupees)
(Reporting by Saikeerthi in Bengaluru; Editing by Sherry Jacob-Phillips and Rashmi Aich)