Indian Hume Pipe Company gains on bagging order worth Rs 198.80 crore

Concrete pipe manufacturing company, Indian Hume Pipe Company Ltd announced on Thursday that the company has received a letter of acceptance (LoA) worth Rs 198.80 crore. Reacting to the news, its share opened nearly 5 per cent higher on BSE. 

The company bagged the order from Minor Irrigation & Ground Water Development Division, Kalaburgi (Karnataka Government). The scope of work involves filling of tanks in Kalaburgi for groundwater development & drinking water purposes. The work order is on a turnkey basis, which includes operation & maintenance for five years with an execution period of 24 months. 

Indian Hume Pipe Company manufactures prestressed concrete pipes (non-cylinder & cylinder), bar wrapped steel cylinder pipes, hume steel pipes, welded steel penstocks, and specialised in the execution of turnkey water supply projects. 

Meanwhile, the company’s order book stands at Rs 4,234.41 crore as of October 31, 2020. 

At 12.22 pm on Thursday, the stock of Indian Hume Pipe Company Ltd was trading at Rs 209.65, up by 0.87 per cent. The stock’s intraday high is Rs 218.00 while its intraday low is Rs 209.45 on BSE.