Va Tech Wabag jumps after fund buying

Va Tech Wabag rose 2.39% to Rs 261.70 at 10:41 IST on BSE after Norges Bank acquired 3.31 lakh shares, or 0.61% equity, at Rs 259.53 each via bulk deal on NSE yesterday, 3 January 2019.

Meanwhile, the S&P BSE Sensex was down 61.77 points, or 0.17% to 35,451.94.

On the BSE, 19,000 shares were traded in the counter so far compared with average daily volumes of 39,000 shares in the past two weeks. The stock had hit a high of Rs 265.50 and a low of Rs 259.15 so far during the day. The stock hit a 52-week high of Rs 647.50 on 22 January 2018. The stock hit a 52-week low of Rs 243.45 on 11 December 2018.

On 21 December 2018, Norges Bank acquired 9 lakh shares, or 1.65% equity, of Va Tech Wabag at Rs 270.10 each via bulk deal on NSE.

Norges Bank Investment Management is the asset management unit of the Norwegian central bank (Norges Bank). It manages the Government Pension Fund Global, often referred to as the Norwegian oil fund, and some of Norges Bank's foreign exchange reserves.

On a consolidated basis, net profit of Va Tech Wabag declined 24.29% to Rs 28.49 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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