India's VA Tech Wabag jumps on bagging order worth $535 mln

VA TECH WABAG

31/03/2023 06:01

** Shares of VA Tech Wabag Ltd  VATE.NS  rise as much 8.9% to 366.5 rupees,
marking its sharpest intraday gain since Dec 12, 2022
    ** Stock set to rise for a third straight session if gains hold
    ** Co-led joint venture on Friday gets design, build, operate (DBO) order
for a desalination project worth about 44 billion rupees ($535.4 million)
 urn:newsml:reuters.com:*:nFWN3622EZ
    ** Order includes design, engineering, construction, installation, testing
and commissioning of the plant and associated sea water intake system for over
42 months followed by 20 years of operation & maintenance 
    ** Project to be executed by VATE in a joint venture with Metito Overseas
Ltd 
    ** More than 700,000 shares change hands by 10:10 a.m. IST, 2.3x the 30-day
avg     
    ** Stock gained 2.7% YTD, as of last close


($1 = 82.1880 Indian rupees)

 (Reporting by Yagnoseni Das in Bengaluru)
 ((Yagnoseni.Das@thomsonreuters.com; +91 6001289066;))