Indian Hume Pipe Secures Rs 417.97 Crore MKVDC Irrigation Project
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The stock price has surged over 134.21 per cent in last 3 years.
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On Friday, shares of The Indian Hume Pipe Co. Ltd. fell 3.15 per cent to Rs 322.95 per share from its previous closing of Rs 333.45 per share. The stock’s 52-week high is Rs 479 per share and its 52-week low is Rs 280 per share. The stock surged around 1.00 per cent to its Intraday high of Rs 336.80.
The company has received a Letter of Intent worth Rs 417.97 crore (excluding GST) from the Executive Engineer, Jihe Kathapur Lift Irrigation Division under Maharashtra Krishna Valley Development Corporation (MKVDC), Satara, Maharashtra. The project involves Construction of headworks and a closed pipe distribution system for the Ner Direct Gravity Main under the Guruvarya Late Laxmanraoji Inamdar Lift Irrigation Scheme in Satara, Maharashtra.
The contract is domestic in nature and classified as a B1 (percentage rate contract). The execution timeline for the project is 48 months. The order does not involve any related party transactions, and neither the promoter nor group companies have any interest in the awarding entity.
Incorporated in 1926, The Indian Hume Pipe Co. Ltd. operates in pipeline manufacturing and infrastructure development. The company undertakes EPC contracts involving construction, maintenance, laying, and joining of pipelines for water supply projects. It also manufactures products such as Bar Wrapped Steel Cylinder Pipes (BWSC), Prestressed Concrete Cylinder Pipes (PCCP), steel pipes, and concrete Railway sleepers supplied to Indian Railways. With a growing focus on EPC contracts, the manufacturing segment contributes less than 10 per cent to total revenue.
The company has a market cap of over Rs 1700 crore. The stock price has surged over 134.21 per cent in last 3 years. The stock has delivered approximately 15.34 per cent returns from its 52-week low of Rs 280 per share.
Disclaimer: The article is for informational purposes only and not investment advice.
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