Indian Hume Pipe shares zoom after company bags Rs 194 crore project in Maharashtra

The company bagged order worth Rs 194 crore under Jal Jeevan Mission Project in Maharashtra.

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Shares of Indian Hume Pipe Company surged over 10 percent intraday on October 7 after the company bagged order worth Rs 194 crore under Jal Jeevan Mission Project in Maharashtra.

The company, in a stock exchange filing, said that it has received Letter of Acceptance (LoA) for the work of Rs 194.03 crore from Maharashtra Jeevan Pradhikaran Division, Buldhana, under Jal Jeevan Mission Project for Jalgaon Jamod 150 villages Regional Rural Water Supply Scheme in Buldhana district, Maharashtra.

“The project is to be completed within 24 months with a trail run for 12 months after completion of project,” it added.

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At 10:21 AM, the stock was trading at Rs 179.90, up Rs 17.15, or 10.54 percent on BSE. It has touched an intraday high of Rs 185.50 and an intraday low of Rs 167.60. It was trading with volumes of 46,695 shares, compared to its five day average of 6,382 shares, a surge of 631.69 percent.

The company has high trailing twelve months (TTM) growth EPS, however, the firm has been witnessing declining revenue every quarter for the past two quarters.