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Welspun Enterprises gains with JV winning contract area B-9 cluster

30 Mar 2017

Welspun Enterprises is currently trading at Rs. 82.90, up by 1.30 points or 1.59% from its previous closing of Rs. 81.60 on the BSE.

The scrip opened at Rs. 84.00 and has touched a high and low of Rs. 85.05 and Rs. 82.20 respectively. So far 1,18,000 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 87.55 on 28-Mar-2017 and a 52 week low of Rs. 46.60 on 30-Mar-2016.

Last one week high and low of the scrip stood at Rs. 87.55 and Rs. 70.90 respectively. The current market cap of the company is Rs. 1,444.79 crore.

The promoters holding in the company stood at 40.57%, while Institutions and Non-Institutions held 15.44% and 43.99% respectively.

Welspun Enterprises (WEL) joint venture (JV) - Adani Welspun Exploration (AWEL), in which WEL holds 35% stake, has been awarded the contract area B-9 Cluster by the Government of India in the recently concluded bidding of the Discovered Small Field Bids Round (DSF 2016).

The area of the Cluster is 183 square kilometres and comprises of three offshore fields, B-9, B-7 and BRC, located in the Mumbai Offshore basin. The block is in close proximity to AWEL’s prospective exploratory block and ONGC’s B-12 area, which is under advanced stage of development.

Welspun Enterprises, formerly Welspun Projects, part of the Welspun Group, is an operating company in the infrastructure business. The company also has investments in Oil & Gas Exploration.

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