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What is the story about?
Shares of The Indian Hume Pipe Company Ltd. jumped 8% on Friday, July 3, after the company secured a ₹738.61 crore contract from the Public Health Engineering Department (PHED), Government of Rajasthan, for a rural water supply project under the Japan International Cooperation Agency (JICA)-funded Rajasthan Rural Water Supply & Fluorosis Mitigation Project Phase II.
In an exchange filing, the company said it has received a Letter of Acceptance (LoA) for the design and construction of the Narmada-based water supply project covering 275 villages across the Dhorimanna and Chouhtan blocks in Barmer district.
The contract, awarded by the Office of the Chief Engineer, JICA-funded projects, Jaipur, is valued at ₹738.61 crore, including GST.
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The project will be executed on a design-and-build basis and is scheduled to be completed within 24 months. The scope also includes a one-year defect notification period and 10 years of operations and maintenance (O&M).
The project forms part of the Rajasthan Rural Water Supply & Fluorosis Mitigation Project Phase II, which aims to improve access to safe drinking water in fluoride-affected rural regions of the state.
The company clarified that the contract has been awarded by a domestic government entity and does not constitute a related-party transaction. It also said that neither the promoter nor the promoter group has any interest in the awarding authority.
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Shares of Indian Hume Pipe Company surged about 8% following the order win to hit an intraday high of ₹362.10 and were trading about 5.3% higher at ₹353 on Friday. The stock has declined more than 21% over the last 12 months.
In an exchange filing, the company said it has received a Letter of Acceptance (LoA) for the design and construction of the Narmada-based water supply project covering 275 villages across the Dhorimanna and Chouhtan blocks in Barmer district.
The contract, awarded by the Office of the Chief Engineer, JICA-funded projects, Jaipur, is valued at ₹738.61 crore, including GST.
Also read: India's IPO pipeline in the second half may touch $40 billion as billion-dollar listings line up: JPMorgan
The project will be executed on a design-and-build basis and is scheduled to be completed within 24 months. The scope also includes a one-year defect notification period and 10 years of operations and maintenance (O&M).
The project forms part of the Rajasthan Rural Water Supply & Fluorosis Mitigation Project Phase II, which aims to improve access to safe drinking water in fluoride-affected rural regions of the state.
The company clarified that the contract has been awarded by a domestic government entity and does not constitute a related-party transaction. It also said that neither the promoter nor the promoter group has any interest in the awarding authority.
Also read: Lodha shares rise over 3% as CLSA highlights technical breakout, attractive valuations
Shares of Indian Hume Pipe Company surged about 8% following the order win to hit an intraday high of ₹362.10 and were trading about 5.3% higher at ₹353 on Friday. The stock has declined more than 21% over the last 12 months.
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