Indian Hume Pipe Company surged 8.51% to Rs 583.85 after the company received letter of intent from Tapi Irrigation Development Corporation Jalgaon, Maharashtra for an EPC project worth Rs 858.88 crore.
The order includes engineering, procurement and construction (EPC), trial, testing, commissioning of gravity piped distribution network to irrigate 26907 hectare (Ha) command area of Jamphal Dam under Sulwade Jamphal Kanoli lift irrigation project taluka Shindkheda, district Dhule including operation and maintenance of entire system for five years.
The value of the said order is Rs 858.88 crore and it will be executed within 24 months.
Indian Hume Pipe Company is engaged in the business of manufacturing, laying and jointing of pipelines. The company has also been undertaking infrastructure development programmes by way of execution on turnkey basis the combined water supply projects. The company also manufactures and supplies concrete railway sleepers to Indian Railways.
The company reported a net profit of Rs 31.16 crore in Q1 FY25, steeply higher than Rs 8.51 crore recorded in Q1 FY24. Net sales grew by 4.9% year on year to Rs 364.14 crore during the quarter.
The counter hit an all-time high of Rs 613.15 in today’s intraday session.
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First Published: Sep 02 2024 | 10:17 AM IST
