The share price of Blue Star rose by 2 percent in the morning trade on August 8 after the air conditioner maker said it secured Rs 375 crore worth of orders, marking its foray into the water projects business.
At 9.50 am, the stock was trading up 1.62 percent at Rs 1,004 on BSE.
Blue Star on August 8 said it secured three rural water supply orders from Odisha's department of rural water supply and sanitation (RWSS).
One of the orders, worth Rs 126.51 crore, is for the execution of mega piped water supply (PWS) to 144 villages in Baliapal Block of Balasore district of the state, including five years of operation and maintenance.
It got another order worth Rs 62.16 crore for the execution of mega PWS to 72 villages under 11 gram panchayats of Nischintakoili block of the Cuttack district. The third order, worth Rs 186.68 crore, is for the execution of mega PWS to 13 gram panchayats of Banki, 17 of Dampada and two of Baranga block in the Cuttack district.
The scope of the orders comprises field investigation and total station survey; soil investigation; hydraulic and structural design; procurement, construction, and erection of electro-mechanical equipment; testing and commissioning; and operation & maintenance; with a completion period of 24 months, the company said in a regulatory filing.
“We intend to significantly, further spread our wings in the projects space in the coming years. Specific to these new orders, we are glad that with our knowledge and capabilities we are contributing towards the development of India’s rural economy,” said B Thiagarajan, Managing Director, Blue Star.