Pipes manufacturer Welspun Corp (NSE:WELCORP, BOM:532144) has received an order of 7 billion Indian rupees for the supply of LSAW pipes from its US facility, according to a Friday filing to the Indian stock exchanges.
With this latest order, the company's consolidated global order book has increased to 253.5 billion rupees. The order book will be executed during the financial years 2026-27 and 2027-28.
The company's shares were down nearly 3% in recent trade.
China urged the U.K. to act prudently on plans to nationalize British Steel, calling for respect toward market principles and corporate wishes while avoiding administrative coercion.In a Thursday news release, China's commerce ministry vowed to closely monitor the situation and take strong measures to protect Chinese companies' rights."[W]hatever actions the British government takes, it should fully consider the enormous investment Chinese companies have made in British Steel," China's Ministry of Commerce said.The U.K. government said it seized operational control from Chinese owner Jingye in April 2025, with full nationalization to follow as a new bill is set to be formally introduced to Parliament this week."Any decision to bring British Steel into public ownership would only be taken after the Bill receives Royal Assent, and if the public interest test set out in the legislation is met," the U.K. government added.
Hon Hai Precision Industry (TPE:2317), also known as Foxconn, reported a 19% annual growth in net profit for the first quarter to NT$49.9 billion, supported by strong demand for artificial intelligence products, according to a Thursday press release.Shares gained over 2% in Friday's late morning trade.Earnings per share rose to NT$3.56 from NT$3.03 a year earlier.The Taiwanese electronics manufacturer's operating profit surged 63% year-on-year to NT$75.6 billion, while revenue climbed 29% to a record NT$2.12 trillion.Gross profit margin improved to 6.18% from 6.11% a year ago, while operating profit margin rose to 3.57% from 2.83%.Foxconn said its cloud and networking business, driven by AI server demand, now contributes nearly half of total revenue, helping reduce the seasonal impact typically seen in the ICT sector.The company expects strong AI demand to continue lifting second-quarter performance, forecasting significant quarter-on-quarter growth and strong year-on-year expansion despite the industry's traditional slow season.Foxconn maintained its full-year outlook for strong growth and said capital expenditure is expected to rise more than 30% this year as it expands manufacturing capacity, automation and AI-related investments.
Metaspacex (HKG:1796) said a proposed sale of a controlling stake by China Sports Asset Management to Shenzhen Haoyi Investment was terminated after certain conditions were unlikely to be fulfilled before the June 30 long-stop date, according to a Thursday Hong Kong bourse filing.Shares of the fitting-out services firm were up over 12% in late morning trade on Friday.China Sports had agreed to sell 255.9 million shares to Shenzhen Haoyi for HK$64 million under an agreement signed April 14.The proposed sale followed the disposal of 102.3 million Metaspacex shares held by China Sports by lender Tse's Finance between April 2 and April 9 under a lending arrangement.Metaspacex said completion required China Sports to repay liabilities owed to Tse's Finance and release the charges over the sale shares.The company said Shenzhen Haoyi informed China Sports that the condition was unlikely to be fulfilled and would not be waived, leading both parties to terminate the agreement.