India's VA Tech Wabag jumps as JM Financial flags $42 billion MENA opportunity
BUZZ-India's VA Tech Wabag jumps as JM Financial flags $42 billion MENA opportunity ** Shares of India's VA Tech Wabag VATE.NS rise 3.53% to 2,048.80 rupees
** Stock on track to snap six sessions of losses, if trend holds
** JM Financial ("buy",PT:2,400 rupees) says water treatment co could benefit from a $42 bln pipeline of desalination and water-treatment projects in the Middle East and North Africa
** Brokerage says overall MENA water project pipeline stands at $140 billion, with $65 billion of contracts already at tendering stage
** Flags about 94 billion rupees ($978.61 million) of upcoming water projects in Chennai, where it says Wabag is well placed to compete for orders
** VATE rated "strongbuy" on average by 7 analysts, median PT at 2400 rupees--LSEG compiled data
** YTD stock up 57.09%
($1 = 96.0550 Indian rupees)
(Reporting by Surbhi Misra in Bengaluru)
((Surbhi.Misra@thomsonreuters.com | X: https://twitter.com/SurbhiMisra_ |;))
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