Va Tech Wabag rises after incorporating subsidiary

Va Tech Wabag gained 1.84% to Rs 498 at 14:15 IST on BSE after the company announced that it has incorporated a subsidiary company in Brazil on 8 March 2018.

The announcement was made on Saturday, 24 March 2018.

Meanwhile, the S&P BSE Sensex was up 294.48 points, or 0.9% at 32,891.02. The S&P BSE Small-Cap index was up 78.45 points or 0.47% at 16,879.63.

On the BSE, 15,000 shares were traded on the counter so far as against the average daily volumes of 22,000 shares in the past two weeks. The stock had hit a high of Rs 501.15 and a low of Rs 493 so far during the day. The stock had hit a 52-week high of Rs 749 on 21 June 2017 and a 52-week low of Rs 462 on 8 March 2018.

The small-cap company has equity capital of Rs 10.93 crore. Face value per share is Rs 2.

Va Tech Wabag said that the company has incorporated a subsidiary company in the name of VA TECH WABAG BRAZIL SERVICOS DE AGUA E SANEAMENTO LTDA with Commercial Registry, Brazil on 8 March 2018. It belongs to infrastructure sector - construction of water treatment plants/wastewater treatment plants and desalination plants.

On a consolidated basis, Va Tech Wabag reported net profit of Rs 35.83 crore in Q3 December 2017 as compared with net loss of Rs 0.37 crore in Q3 December 2016. Total income rose 20.01% to Rs 866.26 crore in Q3 December 2017 over Q3 December 2016.

VA Tech Wabag is engaged in water treatment field. The company principal activities include design, supply, installation, construction and operational management of drinking water, waste water treatment, industrial water treatment and desalination plants.

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