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Why VA Tech Wabag share rose 16% in last two sessions

BusinessToday.In     February 23, 2021

Share of VA Tech Wabag rose 16% in two sessions after brokerage Nomura raised price target on the sewage and water treatment solutions provider. VA Tech Wabag stock hit a fresh 52-week high of Rs 297, rising 15.43% against previous close of Rs 257.30 on BSE today. 

On Monday too, the stock closed 5.72% higher at Rs 258 after the revision of price target. VA Tech Wabag stock stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The share has gained 30.64% in one year and risen 37.68% since the beginning of this year.

In a month, the stock has gained 45.66%. Later, the stock closed 10.28% or Rs 26.45 higher at Rs 283.75 on BSE.

Market cap of the firm stood at Rs 1,764 crore.

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Nomura revised price target to Rs 446 against the previous Rs 432 mark. The new target implies a potential upside of 82% from VA Tech stock's closing on Friday.

"Past concerns on debt build-up, low cashflows and slow-moving orders are largely addressed," the brokerage said in a note. "Financial closure of HAM (hybrid annuity model) asset and a strong, well-funded order book provide long-term sales visibility."

Meanwhile, reversing from five days of fall, Sensex ended 7 points higher at 49,751 and the Nifty 50 index gained 32 points to end at 14,707. Yesterday, Sensex ended 1,145 points lower at 49,744 and NSE Nifty 50 index lost 306 points to 14,675.

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