Enviro Infra Engineers share price gains over 11% to 3-week high on ₹411-crore Bihar sewerage project win
Enviro Infra Engineers shares rose 11.11% to Rs170 on March 12 after winning a ₹411 crore sewerage project in Bihar. This surge follows an 8.15% rise the previous day, totaling a 20% increase over two days, despite broader market declines.
Enviro Infra Engineers saw its shares surge 11.10% in intraday trade on Thursday, March 12, hitting the day's high of ₹170 apiece, even as the sell-off in the Indian stock market extended into the second day.
The stock opened the session higher at ₹156.28 apiece compared with the previous close of ₹153 apiece and continued to build on the momentum to reach a three-week high of ₹170 apiece.
Today's rally followed an 8.15% surge in the previous session, taking the two-day cumulative gain to 20%, based on today's high price.
What triggered a sharp rally in Enviro Infra Engineers share price today?
The rally was triggered after the company announced a project win on Wednesday from Bihar Urban Infrastructure Development Corporation Limited for a sewerage network project worth ₹411 crore.
The contract is for the Aurangabad Sewerage Network and STP Scheme under AMRUT 2.0. It includes engineering, procurement, and construction (EPC) of a 20 MLD sewage treatment plant with all appurtenant structures and allied works, disinfection controlled with SCADA, including building eight pumping stations with a 5,400 MTR rising main, a sewerage network of 196 km, and operation and maintenance for five years in Aurangabad, Bihar, as per the company's regulatory filing.
Sanjay Jain, Chairman of Enviro Infra Engineers Limited, said, "We are proud to have been entrusted with this significant project by the government. Our focus remains on delivering high-quality, sustainable, and timely solutions that contribute to the nation’s water management and sanitation goals. We are committed to maintaining the highest standards of engineering and execution."
The order is to be completed within 15 months from the date of commencement, followed by an Operation and Maintenance (O&M) period of five years, as per the regulatory filing.
Meanwhile, the stock has remained in focus this week as the Union Cabinet approved the extension of the Jal Jeevan Mission up to December 2028 with an enhanced outlay of ₹8.7 lakh crore.
Enviro Infra Engineers share price
The shares witnessed severe selling pressure as they closed each of the last five months in the red, losing a cumulative 37% of their value.
In the current month so far, the stock is up only 1.66% but has outperformed compared to the sharp sell-off seen across the broader market amid the US-Iran war.
The company's shares made their stock market debut in November 2024, listing at ₹220 on the NSE, marking a 48.65% premium over the issue price of ₹148. The stock maintained its momentum in the following months, touching a fresh peak of ₹391.60.
At current levels, it is trading 59% below its peak, but trades 8.1% higher than its IPO price.
Disclaimer: We advise investors to check with certified experts before making any investment decisions.
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