- Welspun Corp announced a record $1.8 billion US pipe order, the largest ever awarded to the company, to be executed between FY 2027-28 and FY 2028-29.
- On Friday, August 21, the SENSEX advanced as much as 0.2% to hit an intraday high of 77,725.67, while both SENSEX and NIFTY50 were trading flat in the afternoon session amid mixed global cues and elevated crude oil prices due to continued geopolitical uncertainty in West Asia.
- JBM Auto shares soared 10% to touch an intraday high of ₹685 apiece on Friday, August 21, after a report suggested that Bain Capital would pick up a minority stake in the firm.
- RailTel Corporation of India shares surged as much as 4% to hit an intraday high of ₹291.75 per unit on the NSE, after the company said it has bagged an order from Western Coalfields.
- According to a news report by *The Economic Times*, Bain Capital will buy a significant minority stake in the electric vehicle manufacturing unit of JBM Auto. People familiar with the matter told ET that this will provide growth capital support to the company and accelerate its efforts to transform from a traditional auto parts maker to a fully fledged clean energy mobility platform.
- The US-based PE firm is looking to invest up to ₹2,850 crore in the JBM unit, though negotiations are underway to finalise the size of the stake and deal structure.
- RailTel's order is worth ₹164.79 crore and involves setting up an MPLS VPN network for WCL on a rental basis for a period of 60 months. The domestic order is expected to be completed by September 20, 2031.
Welspun Corp has achieved a significant milestone by securing a record $1.8 billion order for pipe supply, the largest in its history. This order, which will be executed between FY 2027-28 and FY 2028-29, underscores the company's leadership in the global energy and infrastructure sector.
The company stated, “This record-breaking order is the single largest ever awarded to the Company and marks a defining milestone in its global growth trajectory, reaffirming its leadership position as a trusted, large-scale partner to the global energy and infrastructure sector.” Following this announcement, shares of Welspun Corp surged by 16.9%, reaching a 52-week high of ₹2,345 per unit on the NSE.
In the broader market, the Indian stock indices, SENSEX and NIFTY50, traded flat amid mixed global cues. The SENSEX rose by 27.46 points to 77,565.18, while NIFTY50 saw a slight increase of 2.25 points to 24,234.10. This flat trading comes as geopolitical uncertainties continue to affect crude oil prices.
Additionally, shares of JBM Auto soared by 10% following reports of Bain Capital's interest in acquiring a minority stake in the company, while RailTel Corporation also saw a 4% increase after securing an order from Western Coalfields worth ₹164.79 crore.
“The order will be executed between FY 2027-28 and FY 2028-29, marking a defining milestone in Welspun's global growth. Meanwhile, JBM Auto soared 10% on Bain Capital's planned ₹2,850 crore investment, and RailTel gained 4% on a ₹164.79 crore Western Coalfields order.”
