Va Tech Wabag share price rises over 3% on order win, hits 52-week high
Va Tech Wabag share price has doubled in the last one year. The stock price has rallied over 340% in three years.
PremiumVa Tech Wabag share price rose more than 3% to hit a fresh 52-week high on Wednesday after the company secured a contract worth ₹420 crore from Cidco. The stock gained as much as 3.38% in the early deals and touched a new 52-week high of ₹495.90 apiece on the BSE.
The company secured an order worth about ₹420 crore towards Design, Build and Operation (DBO) of a Water Treatment Plant (VVTP) with a capacity of 270 Million Litres per Day (MLD) at Jite, Raigad for City and Industrial Development Corporation of Maharashtra Ltd (CIDCO).
The scope of the project includes Design, Engineering, Supply, Construction, Installation and Commissioning of the 270 MLD WTP including clear water pumping station within a period of 42 months from commencement and followed by Operation & Maintenance (O&M) for a period of 15 years, the company said in an exchange filing.
“This is an important and strategic success for us, as we foray back into the DBO space in Maharashtra with this breakthrough order in CIDCO," said Shailesh Kumar, CEO — India Cluster, Va Tech Wabag.
According to the company, the project has been planned in order to cater to the future water demand for Navi Mumbai.
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“This project once completed will address the growing water need of the area and also be a key reference in our journey," Kumar added.
Va Tech Wabag is a pure-play water technology multinational offering a complete range of technologies and services for Total Water Solutions in both Municipal and Industrial sectors.
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Va Tech Wabag share price has doubled in the last one year. The stock price has rallied over 340% in three years.
The company had posted a net loss of ₹111.10 crore in the quarter ended March 2023 as compared to a net profit of ₹46.07 crore in the year ago period impacted by provisioning of ₹243 crore.
Its revenue in Q4FY23 rose to ₹926.86 crore from ₹891.86 crore, YoY. The company’s total order intake in FY2023 was at ₹6,844 crore.
At 9:40 am, the shares of Va Tech Wabag were trading 2.65% higher at ₹492.35 apiece on the BSE.
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