Va Tech Wabag’s share price went up on May 28 after the company secured a new contract worth ₹85 crore.
At 09:22 am, Va Tech Wabag’s stock was trading at ₹979.95, up ₹12.30 or 1.27 percent on the BSE.
The company announced it had won an order valued at around ₹85 crore from Nama Water Services in Oman. This contract is for the operation and maintenance (O&M) of the Al Duqm Desalination Plant for five years.
Va Tech Wabag built this 8 million liters per day (MLD) desalination plant over ten years ago and managed its O&M until 2018.
This long-term O&M contract, secured against international competition, includes managing the plant, the seawater intake, and outfall systems.
The water produced by this plant will be used for domestic needs in the Duqm and Haima areas of Al Wusta Governorate.
In the quarter ending March 2024, the company reported a consolidated profit of ₹72.4 crore, compared to a loss of ₹111 crore in the same quarter last year.
Revenue rose slightly by 0.8 percent to ₹934.2 crore from ₹926.9 crore year-on-year.
The stock reached a 52-week high of ₹1,030.00 on April 25, 2024, and a 52-week low of ₹436.35 on October 12, 2023.
Currently, the stock is trading 4.86 percent below its 52-week high and 124.58 percent above its 52-week low.
The share price has surged 111 percent in the last year.
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