Vishnusurya Projects shares soar 16% on ₹2,217-cr order win; details here

Vishnusurya Projects shares saw their steepest climb ever on Thursday after it bagged a contract worth ₹2,217 crore in Tamil Nadu

Shares of Vishnusurya Projects and Infra soared over 16 per cent on Thursday's session after it bagged a contract worth ₹2,217 crore in Tamil Nadu for the development of a seawater desalination plant. 

 

The civil construction company's stock rose as much as 16.43 per cent during the day to ₹195.2 per share, the steepest ever rally. The stock pared gains to trade 8.9 per cent higher at ₹182.6 apiece, compared to a 0.59 per cent decline in Nifty 50 as of 9:44 AM. The stocks's 52-week high is ₹397.95, while its 52-week low is ₹155.05.

 

Shares of the company snapped a two-day losing streak and currently trade at 74 times the average 30-day trading volume, according to Bloomberg. The counter has fallen 23 per cent this year, compared to a 3.8 per cent advance in the benchmark Nifty 50. Vishnusurya Projects has a total market capitalisation of ₹445.44 crore.   

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Vishnusurya Projects secures ₹2,217 crore desalination project 

 

The company, along with its consortium partners JWIL Infra Ltd. and IDE Technologies India Pvt. Ltd., has won a contract from the State Industries Promotion Corporation of Tamil Nadu (Sipcot) for the development of a seawater desalination plant in Tuticorin district.

 

The project involves the development of a 60 million litres per day (MLD) desalination facility at Mullakadu village under the Hybrid Annuity Model (HAM) on a public-private partnership basis. The contract is valued at ₹2,217 crore, inclusive of all taxes and charges, and spans a total period of 15 years.

 

According to the company’s filing, the project entails six months for meeting conditions precedent, 30 months for construction, and an operation, maintenance, and transfer period of 15 years.

 

The company is engaged in mining rough stones and manufacturing aggregates and manufactured sand using crushing and sand washing plants. In addition to mining, the company undertakes engineering, procurement and construction (EPC) projects across key sectors such as water, transportation, rail, resources and institutional development.    

Its services include detailed engineering, procurement of key materials, project execution at sites, and overall project management up to commissioning.

 

In July, Vishnusurya Projects had secured a contract worth ₹103.07 crore from JWIL Infra Ltd. The project is part of JWIL’s contract for the supply, erection, and commissioning of product water transmission mains for the 400 MLD desalination plant at Perur on East Coast Road, south of Chennai, up to Porur Head Works.