Multibagger Welspun Enterprises stock jumps over 6.5% on ₹1,864-crore order win

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Welspun Enterprises shares surged by 8.6% to ₹405.50 each during today's intraday trading session, eventually settling with a 6.54% gain at ₹397.70 per share by the session's close. The uptick followed the company's announcement during market hours that it has secured the position of the L1 bidder for the “Construction of Access Controlled Multi-Modal Corridor from Navghar to Balavali in the State of Maharashtra on EPC Mode Package MMC-11. “The quoted amount for this project is Rs.

1,864.71 crore, and it is scheduled to be completed within a period of 36 months from the date of the notice of commencement," the company said in today's filing. Also Read: RBI announces record dividend of ₹2.11 lakh crore to Government for FY24 During the previous trading session, the stock plummeted by over 5% following the company's announcement of a decline in both revenue and net profit. For Q4 FY24, the company reported a revenue of ₹644 crore, marking a 22% decrease from the previous quarter's revenue of ₹824 crore.

Similarly, its net profit experienced a substantial decline to ₹64 crore, representing a significant 53% year-on-year decrease. For the full fiscal year, the company posted an 8% and 51% year-on-year reduction in standalone revenue and net profit, amounting to ₹2,450 crore and ₹285 crore, respectively. The company attributed the subdued standalone revenue to challenges with existing projects and delayed order receipts.