Shares of multibagger VA Tech Wabag rose 8% in an otherwise weak market today after the firm said it received an order worth Rs 2,700 crore from Saudi Water Authority for Desalination Plant. Rekha Jhunjhunwala, wife of late investor Rakesh Jhunjhunwala held 50 lakh shares or 8.04% stake in the firm at the end of the June 2024 quarter.
The multibagger stock rose 7.73% to Rs 1390.25 against the previous close of Rs 1290.45 on BSE. Market cap of the firm rose to Rs 8237 crore. The stock has gained 169.48% in a year and risen 373% in two years. It has lcimbed 108% this year.
A total of 0.78 lakh shares of the firm changed hands amounting to a turnover of Rs 10.51 crore on BSE. VA Tech Wabag stock has a one-year beta of 1, indicating average volatility during the period.
The stock hit a 52 week low of Rs 436.35 on October 12, 2023 and a 52 week high of Rs 1420 on August 20, 2024. The project is scheduled to be completed within a 30- month period.
"Wabag's track record and technologically superior proposal were critical in winning this order towards Engineering Procurement, Construction and Commissioning (EPCC) of a 300 million litre per day (MLD) mega Sea Water Reverse Osmosis (SWRO) Desalination Plant in Yanbu, Kingdom of Saudi Arabia (KSA)," the company said in a filing.
In terms of technicals, the relative strength index (RSI) of VA Tech Wabag stands at 64.2, signaling it's trading neither in the overbought zone nor in the oversold zone. VA Tech Wabag shares are trading lower than the 5 day, 20 day but 10 day, 50 day, 100 day, 150 day and 200 day moving averages.
VA Tech Wabag Limited is engaged in the water treatment field. The company's principal activities include design, supply, installation, construction and operational management of drinking water, waste water treatment, industrial water treatment and desalination plants. It provides solutions for drinking water treatment, industrial and process water treatment, water reclamation, sea and brackish water desalination, municipal waste water treatment, industrial waste water treatment and sludge treatment.
Meanwhile, Sensex crashed 1144 points to 81,506 and Nifty lost 333.55 pts to 24,811 in the afternoon session today. SBI, Tata Motors, ICICI Bank, NTPC, HCL Technologies and Adani Ports were the top Sensex losers, falling up to 4.73%. Of 30 Sensex stocks, 26 were trading in the red.