Gayatri Projects gains nearly 5 per cent on securing LOA for water supply work

India’s leading pure-play EPC company, Gayatri Projects informed the bourses that the company has received a letter of award (LOA) from Namami Gange & Rural Drinking Water Department in the state of Uttar Pradesh.

The scope of the project, which amounts to Rs 395.98 crore, includes construction, commissioning, operation & maintaining a water supply scheme in the villages of UP for 10 years.

In Q2FY21, the company won an irrigation order worth Rs 196 crore under waterworks in UP and a mining contract in Odisha for Rs 33 crore. At this point in time, the company is majorly focussing on waterworks and expects significant new orders coming over the next few months.

The company’s EPC order book as of Q2FY21 stood at Rs 12,000 crore. Its business mix stood at road-65 per cent, irrigation-29 per cent, mining-4 per cent and industrial-1 per cent.

Today, the stock of Gayatri Projects jumped nearly five per cent and locked in upper circuit at Rs 33.45 on BSE.