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Indian Hume Pipe jumps after winning order

Capital Market 

Company rose 3.47% to Rs 423 at 11:21 on after the company said it secured an order worth Rs 177.22 crore from Water Supply and Sewerage Board.

The announcement was made after market hours on Thursday, 13 April 2017.

Meanwhile, the S&P Sensex was down 4.83 points, or 0.02% to 29,456.62.

On the BSE, 11,000 shares were traded in the counter so far, compared with average daily volumes of 5,298 shares in the past one quarter. The stock had hit a high of Rs 428.55 and a low of Rs 420.95 so far during the day. The stock hit a record high of Rs 459 on 9 February 2017. The stock hit a 52-week low of Rs 160.50 on 25 May 2016.

The stock had outperformed the market over the past one month till 13 April 2017, rising 5.17% compared with 0.22% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 8.64% as against Sensex's 8.16% rise.

The small-cap company has equity capital of Rs 9.69 crore. Face value per share is Rs 2.

Company said it secured work order of Rs 177.22 crore from Water Supply and Sewerage Board, for execution of the Work of Providing Water Supply Facilities to Byatarayanapura Zone coming under 110 villages of Bruhat Bengaluru Mahanagar Palike (BBMP). The project is to be completed within 24 months from signing of agreement with them. The agreement will be signed in due course.

Company's net profit rose 182.09% to Rs 17.80 crore on 105.30% rise in net sales to Rs 406.50 crore in Q3 December 2016 over Q3 December 2015.

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.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, April 17 2017. 11:26 IST