VA Tech does well
VA Tech Wabag, with volumes surging almost 4.5x, is a bright star today. The stock rose over 9.5% to hit an intraday high at Rs.274.55. Its 52-week high is at Rs.404.25.
The stock is in the limelight following its announcement today saying that it has bagged a consortium Design, Build, Operate (‘DBO’) order, for the 50 MLD (expandable to 100 MLD) Mamelles sea water desalination project from Société Nationale Des Eaux du Sénégal (‘SONES’), the National Water Company of Senegal, worth about 146 Million Euro.
Scope of Wabag in this order will be worth one-third the consortium order value.
The company will provide design, engineering and supply of Electromechanical equipment, supervision of Installation and Commissioning followed by a 2 year O&M of the plant. The location of the plant is in the main corniche of Dakar city on a high hill top, with sea water intake from the Atlantic Ocean.
The project is to be executed by Wabag in consortium with Toyota Tsusho Corporation, Japan and Eiffage Génie Civil, France and is being funded by Japan International Cooperation Agency.