Va Tech Wabag stock hits 5% upper circuit on winning contract in Bahrain

Share price of Va Tech Wabag hit upper circuit of 5% in early trade today after the firm bagged a 4.5 million Bahraini Dinar (approximately Rs 900-million) order from ministry of works, municipalities affairs and urban planning (MoW) in the Kingdom of Bahrain.

Va Tech Wabag share price rose 5% to Rs 81.90 compared to the previous close of Rs 78 on BSE. The stock opened 3.85% higher at Rs 81 on BSE and hit upper circuit of 5% within five minutes.  Market capitalisation of the firm rose to Rs 447.91 crore.

The stock saw only buy, no sell orders in trade today.

The microcap stock has gained 8.48% in last two sessions. However, Va Tech Wabag share price has lost 74% in the last one year and 55.27% since the beginning of this year.

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The order includes operation, maintenance and management of the Madinat Salman Sewage Treatment Plant (STP) and Long Sea Outfall for 5 years.

"In line with our growth strategy, this new order to our strong O&M order book across the globe provides annuity income which helps us with improved cash flow and better revenue predictability," said Deep Raj Saxena, CEO - Middle East and Africa Cluster.

In another update, ICRA has revised its long-term fund based facilities rating of the company to ICRA A (Negative) from ICRA A+ (Negative).