Indian Hume Pipe, in the opening bell session, soared over 12% to Rs.315 though after that intra day high, profit booking came in and the stock is now traded at Rs.295 levels, still in the positive.
The celebration on the counter is over news of it receiving three Letters of Intent (LoIs) for the works aggregating to Rs.187 crore from Vidarbha Irrigation Development Corporation, Nagpur.
This work order is for construction of M.S. Feeder Pipeline from Kochi Barrage to Pench and allied Works of Kanhan River Projects (Kochi Barrage), Nagpur – to be completed within 16 months with a maintenance period of 5 years.
The second work order is for construction of Pipe Distribution Network on Kapsi Sub Branch of Asolamendha Project – to be completed within 18 months and with a maintenance period of 5 years.
The third order is for the Pauni Lift Irrigation Scheme. The project is to be completed within 24 months with a maintenance period of 5 years.