India's VA Tech Wabag jumps on 1.4 billion-rupee award in Telangana arbitration

VA TECH WABAG

08/11/2023 06:16

** Shares of VA Tech Wabag  VATE.NS  rise as much as 6.41%
to 533.35 rupees apiece, highest since Aug. 16
    ** Co, engaged in water treatment services, received a
favourable ruling in arbitration proceedings in Telangana state
    ** Arbitrator rules in favour of a consortium comprising
VATE, Telangana State Power Generation Corp, Gammon Engineers
and Contractors 
    ** Says, Tecpro Systems, an engineering, procurement and
construction co also part of the consortium, cannot invoke
arbitration against consortium
    ** VATE entitled to get 1.4 bln rupees as consortium leader
    ** Co posted rise in consolidated net profit in Sept quarter
on Tuesday; stock closed 2.14% higher
    ** Trading volume is 990,061 shares as of 11:31 a.m. IST,
1.6x the 30-day avg - LSEG data
    ** VATE shares up 62% in 2023 so far, including day's gains

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))