Indian Hume Pipe bags order of Rs. 578 crore, surges by 9 per cent

Cement pipe manufacturer Indian Hume Pipe Company surged by over 9 per cent on the bourses in Monday’s trade on winning a work order worth Rs. 578.50 crore from the Madhya Pradesh Jal Nigam Maryadit Multi Village Rural Water Supply Scheme.

Recently, the company also bagged a work order worth Rs. 108.19 crore from Narmada Water Resources, Water Supply and Kalpsar Department, Gujarat for a lift irrigation project.

The company had posted a hike of about 43 per cent in its net profit to Rs. 14.68 crore for the third quarter of the fiscal year 2018 as compared to Rs. 8.32 crore in the previous quarter of the fiscal year. However, the net profit of the company declined by nearly 17 per cent in the third quarter of the fiscal year 2018 on a yearly basis.

Following the development, the stock hit an intraday high of Rs. 375 per share, up by 9 per cent and an intraday low of Rs. 359.05 per share, remaining in the positive territory. The stock had hit its 52-week high of Rs. 591 per share on September 1, 2017 and its 52-week low of Rs. 285.80 per share on March 26, 2018 on BSE, respectively.

At 11:13 hours IST, the stock was trading at Rs. 360.65 per share, up by 4.84 per cent on BSE on Monday. Meanwhile, the S&P BSE Sensex was trading at 34,496.55 level, higher by 0.24 per cent and NSE Nifty50 was trading at 10,596.85 level, higher by 0.31 per cent on Monday.