By 9:58 IST, the stock of Welspun-Gujarat Stahl Rohren jumped up to its all time high of Rs 17.90 (up 18.94%) on BSE. It recorded volumes of over 9 lakh shares . The stock has now risen 165% from its 52-week low of Rs 6.75 on 19 March 2003.

The company has announced the bagging of orders from Petroiran Development Company, Iran (Pedco) for Salman Oil and Gas field Integrated Development Project in the Persian Gulf to supply 247 kilometres pipeline of 30" Dia valued over US$ 52 million (Rs 242.32 crore).

The company has also won another pipeline order from IGAT IV, Iran for supplying 100 kilometres pipeline. The order bagged from IGAT IV is worth US $50 million (Rs 233 crore).

The company also has plans to prepay its entire loan of Rs 100 crore to IFCI within six months from April 2003 at a reduced rate of 12.5 % instead of the existing 16%. This will entail substantial savings of about Rs 12 crore in the current financial year. The payment will be made from the company's own resources.

Welspun Gujarat Stahl Rohren (WSRL), which was incorporated as a public company on 26 April 1995, is engaged in the manufacture of varieties of submerged arc welded pipes (SAW).

For the third quarter ended 31 December 2002, the company recorded a massive fall in net profit of 90.5% to Rs 0.10 crore (Rs 1.05 crore) on a 103.51% rise in sales to Rs 158.96 crore (Rs 78.11 crore).

As on 31 March 2003, promoters held 44.50% stake in the company's equity, while the public and institutions held 8.59% and 37.13% stake, respectively.