Va Tech Wabag gains after securing desalination order

Va Tech Wabag rose 3.78% to Rs 301 at 10:05 IST on BSE after the company announced securing desalination order from Mangalore Refinery and Petrochemicals.

The announcement was made after market hours yesterday, 22 January 2019.

Meanwhile, the S&P BSE Sensex was down 31.47 points, or 0.09% to 36,413.17

On the BSE, 38,000 shares were traded in the counter so far compared with average daily volumes of 89,000 shares in the past two weeks. The stock had hit a high of Rs 304.95 and a low of Rs 296.05 so far during the day.

Va Tech Wabag secured Rs 467 crore worth order from Mangalore Refinery and Petrochemicals (MRPL) towards engineering and construction of a 30 MLD Sea Water Desalination plant expandable upto 70 MLD in Mangaluru, Karnataka.

The scope of this Design and Build contract includes engineering, supply, erection, construction and commissioning of a 30 MLD Sea Water Desalination plant over a period of 22 months. The project also includes cross-country piping of 11 Kilometers to deliver the water to MRPL's refinery. The plant aims to minimize the fresh water dependency of MRPL once completed. Post successful commissioning, Va Tech Wabag will also be awarded a contract towards Operation & Maintenance of the plant for a period of 10 years.

On a consolidated basis, net profit of Va Tech Wabag rose 7.21% to Rs 35.83 crore on 15.18% decline in net sales to Rs 751.96 crore in Q2 September 2018 over Q2 September 2017.

Va Tech Wabag is a pure-play water technology multinational offering a wide range of solutions focused on conservation, optimisation, recycling and reuse of resources, directed at addressing water challenges across the world.

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