SPML Infra: Bags Rs. 883 crore order, stock up 20 per cent

SPML Infra Limited informed in a press release on Monday that the company won new project orders worth Rs. 883 crore from three state governments for various projects, primarily for its core business segment. 

The largest single order includes works for Phase 3 of Saurashtra-Narmada Avtaran Irrigation project which is initiated by the Government of Gujarat. The company will have the task of diverting one million acre-feet of water to 115 reservoirs through 1,115 kilometer pipeline network which irrigate 1.8 million hectare of land which is estimated to benefit 11,456 villages in the state. The order value for this project is Rs. 883 crore. SPML has already executed phase 1 and 2 of the project.

Under the second project, the company will construct Water Distribution Network and 24x7 Domestic Water Supply along with Sewerage Management System and Storm Water Drainage Network for Ludhiana Smart City with 5 years of O&M. This order is worth Rs. 103.60 crore.

The company also won an order from Manipur worth Rs. 55.61 crore. The order was initiated by the Public Health Engineering Department of Manipur.

The stock reacted positively to the news and rose as much as 19.90 per cent on Monday. At 14:49 hours, the stock showed gains of 12.94 per cent to trade at Rs. 34.90 on BSE.