Saw Pipes surged to its 52-week high of Rs 132 on NSE in morning trades vindicated by a huge order from Gail.

But the scrip of the submerged arc welded (SAW) pipes major slipped from that high to Rs 131.40 (by 10:35 IST), up 5.75%. Over 2.77 lakh Saw Pipes shares were traded on BSE by then. Saw Pipes has now risen 85% from Rs 71 on 29 April 2002.

It was reported Tuesday that the company had bagged a Rs 122.5 crore coating order from Gail in Gujarat. This is the second order from Gail. Earlier, the company had bagged an order worth $100 million from Gail for laying a 610-km gas pipeline between Dahej and Bijapur in Gujarat.

The company is also expecting another Rs 30-crore order from Indian Oil (IOC) to set up a pipeline between IOC's Gujarat refinery site at Koyali to Viramgam and Sidhpur.

The company's as well as the pipelines sector's bright prospects is inviting a bullish sentiment from  marketmen. This is on the basis of the hectic pipeline laying and distribution work being undertaken in the oil and gas sector.

Promoted by the O P Jindal group in 1984, Saw Pipes, a Delhi-based company, produces thick-walled pipes, submerged-arc welded pipes and cold-rolled steel coils for which it had obtained technical assistance from US Engineers and Consultants, a subsidiary of US Steel Corporation. Its pipe division is located at Kosi Kalan, UP, and the coil division is located in Delhi.

As on 31 March 2003, promoters held a 55.17% stake in Saw Pipes, while the public and foreign entities held 22.41% and 15.97%, respectively.