Shares of Va Tech Wabag surged up over 4% on Wednesday as the company announced bagging a ₹420-crore order.
What Happened: The company on Wednesday announced that it had received an order from the City and Industrial Development Corporation of Maharashtra Limited (CIDCO). The order is to design, build and operate a water treatment plant (VVTP) with a capacity of 270 million litres per day (MLD) at Jite, Raigad.
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The project has been planned in order to cater to the future water demand of Navi Mumbai. Water from the Hetwane dam will be treated at the proposed 270 MLD WTP. The company is supposed to complete the project within a period of 42 months followed by Operation & Maintenance (O&M) for a period of 15 years.
Rekha Jhunjhunwala owns 8.04% or 50 lakh shares in the company. The value of her holding was around ₹239.9 crore, when the stock closed at ₹479.95 yesterday. With the surge today, the value of her stake in the company went up to ₹251 crore. An over ₹10 crore increase in a single day.
Price Action: Va Tech Wabag’s share price was up 4.27% to trade at ₹500.45 in the early hours of trading on Wednesday.
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