Shares of VA Tech Wabag soared over 8% to hit an intraday high of ₹1,394. The order win helped the Rekha Jhunjhunwala-backed stock to continue gains for the fourth straight session.

What Happened: The Chennai-based water technology company has secured a major order from the Saudi Water Authority (SWA). The deal, valued at $317 million (around ₹2,700 crore), is for the construction of a mega seawater desalination plant in Saudi Arabia.

The contract encompasses the design, engineering, supply, construction and commissioning of the desalination plant. The plant will be developed on a greenfield site on the west coast of Saudi Arabia, with the project set to be completed within 30 months.

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The mega desalination plant overseen by the SWA will use advanced technology to ensure efficient water production. The plant incorporates Dual Media Filters, followed by a two-pass reverse osmosis process and re-mineralization, producing clean potable water.

This treated water is then distributed throughout the kingdom by the SWA. Currently, the SWA manages over 40 desalination plants, producing more than 11 million cubic meters of water per day, alongside 139 ground and surface water purification stations, which generate over 4 million cubic meters of water per day.

Price Action: Va Tech Wabag’s share price was up 3.81% to trade at ₹1,337 in early trade on Friday. Jhunjhunwala owns an 8.04% stake in the company.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.