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VA Tech Wabag rallies 9% after it bags new order worth Rs 4,400 crore

VA,

plant for treating wastewater; Image courtesy of: After receiving an order totaling Rs 4,400 crore from the Chennai Metropolitan Water Supply and Sewerage Board (CMWSSB), VA Tech Wabag’s stock rose 9% to Rs 366 in intraday trade on Friday.

at 12:35 p.m.; The VA Tech Wabag traded at Rs 358.60, up 7% from the S&P BSE Sensex, which rose 1.5%. With approximately 1.2 million shares changing hands on the NSE and BSE, the average over-the-counter trading volume nearly doubled.

For a 400 million liters per day (MLD) seawater reverse osmosis (SWRO) desalination project, the company claimed to have received a design, build, and operate (DBO) order. WABAG will be in charge of putting the project into action as part of a joint venture with Metito Overseas Limited (Metoto).

On March 17, 2023, VA Tech Wabag won an order worth Rs 800 crore from DBO to renovate, expand, and operate the 200 MLD Pagla Sewage Treatment Plant (STP) in the city of Dhaka, Bangladesh. Authority for Dhaka’s Water Supply and Sewerage (Dhaka VASA).

VA Tech Wabag will have a revenue visibility of nearly three times as much as its order book, which includes framework contracts, as of December 31, 2022.

The administration said, “The organization keeps on doing great with some enormous desalination and wastewater treatment orders, which are supposed to be finished soon. The stock has gained 19% so far in March, compared to a 0.28 percent decline in the S&P BSE Sensex. The company is also on track to maintain cash flow positive by the end of the year. On December 12, 2022, it hit a 52-week high of Rs 374.90.

first released: 31 Walk 2023 | 12:47 pm First

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