Multibagger Engineering Stock Bags Rs 2700 Cr Order From Saudi Arab Authority, Should You Buy?

Leading company engaged in engineering sector, VA Tech Wabag Ltd shares today zoomed 4.84% to Rs 1352.95 per share at the time of writing the story. VA Tech Wabag Ltd today informed via its BSE filing about an order win from Saudi Water Authority. The order is worth Rs 2700 crores, as per the BSE filing of the company. VA Tech Wabag shares offered attractive return of 111% year-to-date and zoomed 174% in last 1-year. The company's market capitalisation stood at Rs 8381.40 crore. Check key details below:

VA Tech Wabag Ltd Bags New Order, Shares Jump: As per the exchange filing of VA Tech Wabag Ltd dated September 6, 2024, "VA TECH WABAG ('WABAG'), a leading pure-play water technology Indian Multinational Group, continues to strengthen its presence and cementing its leadership position in the Middle East region with this Mega order worth ~USD 317 Million (~SAR 1,190 Million / ~INR 2,700 Crores) from the Saudi Water Authority (the 'SWA'). WABAG's impressive track record and technologically superior proposal were critical in winning this prestigious order towards Engineering Procurement, Construction & Commissioning ('EPCC') of a 300 Million Litre per Day (MLD) Mega Sea Water Reverse Osmosis ('SWRO') Desalination Plant in Yanbu, Kingdom of Saudi Arabia ('KSA')."

The SWA, formerly known as the Saline Water Conversion Corporation (the 'SWCC'), is responsible for regulating and monitoring water sector business and services to enhance water sustainability and achieve the objectives of Saudi Arabia's Vision 2030.

Commenting on this order win, Mr. Rohan Mittal, Head - Strategy & Business Growth - GCC said, "We are extremely honoured and proud to secure this mega order from prestigious customer SWA, which will contribute to the ambitious Saudi Vision 2030. This mega order is a testament to our expertise and commitment to delivering high-quality, sustainable water solutions worldwide. This win reinforces our position in the desalination sector and we are confident that WABAG's Global Leadership in Desalination will grow further with this win."

Should You Buy VA Tech Wabag Ltd Shares? "Despite a gap up opening, VA Tech Wabag looks bearish on the Daily charts with strong resistance at 1423. A daily close below support of 1245 could lead to a target of 1147 in the near term, " said A R Ramachandran, Independent Research Analyst.

VA Tech Wabag Shares Performance: The 52-week high price of VA Tech Wabag shares on BSE is Rs 1420.00 per share (as on 20/08/2024) and 52-week low price is Rs 436.35 per share (as on 12/10/2023), respectively. VA Tech Wabag shares offered return of 25% in last 3-months, soared 381% in last 2-years, and offered return of 295% in last 3-years. In last 5-years, VA Tech Wabag stock surged 371%.

About WABAG: WABAG is a global leader in the water industry backed by rich experience spanning over 100 years. Being a pure-play water technology multinational, WABAG offers a complete range of technologies and services for Total Water Solutions in both Municipal and Industrial sectors. With over 1,600 water professionals, spread over 25 countries, WABAG is touching millions of lives every day.

Disclaimer:

The stock highlights the order win and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on the stock mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.