Indian Hume Pipe Company surges after securing orders

Indian Hume Pipe Company surged 13.53% to Rs 389 at 10:45 IST on BSE after securing two work orders aggregating to Rs 1230.77 crore from Rural Water Supply and Sanitation Department of Telangana state government.

The company made announcement on Friday, 25 September 2015. Stock markets remained closed on Friday, 25 September 2015 on account of holiday.

Meanwhile, the BSE Sensex was down 42.89 points, or 0.16%, to 25,822.07.

On BSE, so far 27,838 shares were traded in the counter, compared with an average volume of 11,443 shares in the past one quarter.

The stock hit a high of Rs 402.40 and a low of Rs 370 so far during the day. The stock hit a record high of Rs 437 on 29 July 2015. The stock hit a 52-week low of Rs 245 on 27 March 2015.

The stock had underperformed the market over the past one month till 24 September 2015, declining 7.67% compared with 0.47% rise in the Sensex. The scrip had however outperformed the market in past one quarter, rising 15.92% as against Sensex's 6.73% fall.

The small-cap company has an equity capital of Rs 4.84 crore. Face value per share is Rs 2.

Indian Hume Pipe Company said that the company has secured two work orders for Telangana Water Grid project in respect of Telangana Drinking Water Supply Projects (TDWSP) of Mahabubnagar and Nizamabad districts from Rural Water Supply and Sanitation Department, Government of Telangana.

The work order of Rs 415.47 crore is for providing drinking water to habitations in Gadwal and Alampur constituencies from Jurala Project, Mahabubnagar District, under Segment-ll including operation and maintenance for 10 years. The project is to be completed within 18 months from the date of commencement. The second work order of Rs 815.30 crore is for providing drinking water to Balkonda, Armoor, Nizamabad, Kamareddy and part of Yellareddy constituencies from SRSP Reservoir, Nizamabad District including operation and maintenance for 10 years. The project is to be completed within 24 months from the date of commencement..

Net profit of Indian Hume Pipe Company rose 32.2% to Rs 6.32 crore on 8.6% rise in net sales to Rs 212.16 crore in Q1 June 2015 over Q1 June 2014.

Indian Hume Pipe Company is engaged in the business of providing integrated water supply schemes including manufacturing, laying and jointing of pipelines of various pipe materials which provide infrastructure facility for development of water supply and irrigation projects.

Powered by Capital Market - Live News