Moneycontrol
May 15, 2018 01:53 PM IST | Source: Moneycontrol.com

Indian Hume Pipe slips 4% on cancellation of LoA worth Rs 578 crore

A meeting of the board of directors of the company will be held on May 23 to approve annual accounts of the company for the financial year ended March 31, 2018.

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Shares of Indian Hume Pipe Company declined 4 percent intraday Tuesday as company received cancellation of letter of acceptance from Madhya Pradesh Jal Nigam Maryadit.

Madhya Pradesh Jal Nigam Maryadit cancelled the letter of acceptance in respect of work order of Rs 578.50 crore due to discrepancies found in the bid process relating to tender on e-procurement portal.

The company had received letter of acceptance from Madhya Pradesh Jal Nigam Maryadit for Kundaliya Multi Village Rural Water Supply Scheme District - Rajgarh, Madhya Pradesh for the work order of Rs 578.50 crore including trial run and running and maintenance of the entire scheme for 10 years.

A meeting of the board of directors of the company will be held on May 23 to approve annual accounts of the company for the financial year ended March 31, 2018.

It will also recommend dividend, if any, for the financial year ended March 31, 2018.

At 13:47 hrs Indian Hume Pipe Company was quoting at Rs 305.30, down Rs 12.20, or 3.84 percent on the BSE.

Posted by Rakesh Patil
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