VA Tech Wabag gains on strong order book position

The stock was 5% to 534 after the company said it has won record orders worth of Rs 5,000 crore in the FY16.

VA Tech Wabag is trading higher by 5% to 534 on the BSE after the company announced that it has won record orders worth of Rs 5,000 crore in the financial year 2015-16 (FY16),  the highest ever order intake clocked by the Group in a single financial year.

VA Tech Wabag said the Exim Bank of India funded Polgahawela Water Treatment Plant order has been brought into company’s firm order book, following the signing of the loan agreement between the Water Board of Sri Lanka and Exim Bank of India earlier this month.

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The order is worth $108 million and is the second order secured from Sri Lanka by the company through Buyers Credit, the first one being the Dambulla order, which is at an advanced stage of completion, it added.

In past 10 trading sessions, the stock rallied over 20% after the company said the company in consortium with IDE Technologies has won an Rs 594 crore contract from Chennai Metropolitan Water Supply and Sewerage Board, Chennai for construction and operation & maintenance (O&M) of a 45 MLD tertiary treatment plant at Koyambedue, Chennai.

The stock hit an intra-day high of Rs 541 on the BSE so far. A combined 179,576 shares changed hands on the counter on the BSE and NSE till 10:09 AM.