VA Tech Wabag stock surges 8% on bagging order worth Rs 2,700 crore from Saudi Arabia

VA Tech Wabag stock: Over the past year, shares of VA Tech Wabag have jumped over 171 percent in trade.

VA Tech Wabag shares surged eight percent in early trade on September 6 after bagging an order worth Rs 2,700 crore from the Saudi Water Authority.

The order is on a engineering, procurement, construction & commissioning (‘EPCC’) basis, for a 300 million litre per day (MLD) mega sea water reverse osmosis desalination plant in Yanbu, Saudi Arabia.

At 10.15 am, VA Tech Wabag shares were quoting Rs 1,338 on the NSE, higher by 4 percent compared to the previous session's closing price.

"WABAG's impressive track record and technologically superior proposal were critical in winning this prestigious order," said the firm in a filing with the exchanges.

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The desalination plant is scheduled to be completed within a 30-month period. "This plant will be built with the state-of-the-art Desalination technologies, designed for superior energy efficiency and will produce stellar quality of water complying with the environmental regulations of Saudi Arabia," added the company.

VA Tech Wabag has had a presence in Saudi Arabia, building and operating water and waste-water treatment plants, for over 4 decades. Globally since 1995, the firm has constructed over 60 desalination plants in 17 countries, for various municipalities and industries, thereby significantly contributing to the cause of water security.

Rohan Mittal, Head – Strategy & Business Growth - GCC said, “We are extremely honoured and proud to secure this mega order from prestigious customer SWA, which will contribute to the ambitious Saudi Vision 2030. This mega order is a testament to our expertise and commitment to delivering high-quality, sustainable water solutions worldwide."

Over the past year, shares of VA Tech Wabag have jumped over 171 percent in trade, as against a 30 percent rise in the NSE Nifty 50 index during the same time period.

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