Large Repeat Order from Reliance Industries: Rekha Jhunjhunwala-Held Multibagger Water Theme Stock Secures Major Win from India’s Largest Company by Market Cap
Shares have delivered multibagger returns of 233.55 per cent in the last year, and the stock is up by 142 per cent year-to-date
Indian equity benchmark indices started Thursday’s session on a positive note, with the Nifty50 reclaiming the 25,000 mark and the volatility gauge slipping below 14. Buying interest is visible in the broader markets as well. One stock that has witnessed a gap-up opening and is inching higher due to a major announcement is Va Tech Wabag Ltd (WABAG).
WABAG, a global leader in the water industry with over 100 years of rich experience, is a pure-play water technology multinational offering a complete range of technologies and services for total water solutions in both municipal and industrial sectors. With more than 1,600 water professionals across 25 countries, WABAG touches millions of lives every day.
Shares of WABAG surged by about 3.4 per cent in early trading on Thursday following the announcement that the company has secured large repeat orders from Reliance Industries Limited (RIL) for water treatment systems at its Dahej and Nagothane facilities. WABAG’s excellent track record with RIL, spanning nearly three decades, and its technically superior and competitive bid ensured this repeat order win, reinforcing WABAG’s leadership in the industrial water segment.
Commenting on the order win, Mr. S. Natrajan, Head-Sales & Marketing, India Cluster, said, “RIL has been a key account for WABAG for almost three decades. This repeat order reinforces WABAG’s position as RIL’s most preferred supplier. We thank RIL for their continued trust and confidence in WABAG. This order is a testament to WABAG’s technological superiority and leadership in water treatment and recycling for the oil, gas, and petrochemical sector.”
It is important to note that a "large" order refers to an order value ranging from Rs. 300 to Rs. 500 crores. Interestingly, the wife of the late Shri Rakesh Jhunjhunwala holds an 8.04 per cent stake in the company. Shares of WABAG have delivered multibagger returns of 233.55 per cent in the last year, and the stock is up by 142 per cent year-to-date.
Company has maintained a very high quality order book of around Rs 11,000 crore with a healthy mix of 55 per cent EPC and 45 per cent O&M.
Disclaimer: The article is for informational purposes only and not investment advice.