Welspun Ent gains 4% on securing order worth Rs 1,989 cr from BMC in Mumbai
Source: Business Standard
Welspun Enterprises shares quoted 3.49 per cent higher at Rs 557.4 per share
Welspun Enterprises shares gained 4 per cent and registered an intraday high of Rs 560.85 per share. Welspun Enterprises share price climbed after the company received a letter of acceptance from Brihanmumbai Municipal Corporation (BMC) worth Rs 1,989.4 crore to design and construct Tertiary Treated Water Conveyance Tunnel from Dharavi Wastewater Treatment Facility (WWTF) to Ghatkopar.
At around 2:13 PM, Welspun Enterprises shares quoted 3.49 per cent higher at Rs 557.4 per share. In comparison, the BSE Sensex traded 0.37 per cent higher at 81,938.33 around the same time.
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“The contract, valued at Rs 1,989.40 crore (excluding GST), encompasses the design and construction of two very deep shafts at Ghatkopar WWTF and Dharavi WWTF, and an 8.48 km long reinforced insitu concrete lined tunnel of 2.7 meters finished diameter,” the filing read.
The tunnel is to be constructed using a tunnel boring machine (TBM) and is to be completed within 93 months.
Welspun Enterprises’ outstanding order book as of June 30, 2024, stood at Rs 12,300 crore on a standalone basis. With the addition of this order, the outstanding order book of the company stands at Rs 14,300 crore, of which Rs 9,900 crore is from the water sector (including Rs 4,400 crore from Operations, maintenance & Asset replacement), Rs 1,989 crore from newly added tunnel segment and the balance Rs 2,400 crore is from transportation sector (excluding Rs 1,900 crore for a Road project bid, for which the Company is L1).
Additionally, Welspun Michigan Engineers Limited, a subsidiary of the company, has also been awarded a project valued at Rs 24.6 crore, for wastewater treatment in the State of Maharashtra.
With the new order inflows, the consolidated order book stood at Rs 15,800 crore (less execution done in Q2 FY25), as per the filing.
In the past one year, Welspun Enterprises shares have gained 96 per cent against Sensex’s rise of 25 per cent.
First Published: Oct 09 2024 | 2:46 PM IST
