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Indian Hume Pipe climbs 8% on orders win worth Rs 941 crore in November

The company has received letter of acceptance for the work of Rs 502.89 crore from Andhra Pradesh Drinking Water Supply Corporation.

twitter-logoBusinessToday.In | December 21, 2018 | Updated 15:09 IST
Indian Hume Pipe climbs 8% on orders win worth Rs 941 crore in November

Indian Hume Pipe shares surged 8 per cent intraday Friday, in an otherwise weak market, after the company secured the total business of Rs 941.51 crore in the month of December.

Buoyed by the development, shares of company gained as much as 8.08 per cent to touch an intra-day high of Rs 368.35 apiece on the BSE, after opening higher at Rs 350, against previous closing price of Rs 340.80.

Stocks of the firm were trading 3.22 per cent higher at Rs 352.15 on the National Stock Exchange.

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"The company has received letter of acceptance for the work of Rs 502.89 crore (excluding GST) from Andhra Pradesh Drinking Water Supply Corporation (APDWSC), Vijayawada, Andhra Pradesh," Indian Hume Pipe said in a filing to the Bombay Stock Exchange on Friday.

The project, which is to be completed within 24 months, is for construction of drinking water supply projects in Guntur District the company said in the filing.

This is the third major deal that Indian Hume Pipe has announced in the last one month. Earlier this month, the company secured two letters of acceptance (LoA) aggregating to Rs 234.11 crore (excluding GST) from Madhya Pradesh Jal Nigam Maryadit, Bhopal. The project includes Kandaila Multi Village Rural Water Supply Scheme for an amount of Rs 123.72 crore and Gadakota Multi Village Rural Water Supply Scheme for Rs 110.39 crore.

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Besides, the company has received order worth Rs 204.51 crore from Public Health & Municipal Engineering Department, Government of Andhra Pradesh.

Meanwhile, BSE Sensex is trading at 35,841.63, down 590.04, or 1.62 per cent, from its previous close of 36,431.67, tracking weak cues from Asian peers amid a hike in key interest rates by the US Federal Reserve.

Edited by Chitranjan Kumar

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