Indian Hume Pipe share price rises 5% on winning Rs 156-crore project

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#Buzzing Stocks, Indian Hume Pipe Company, statement

The share price of Indian Hume Pipe Company rose 5 percent intraday on October 22 after the company was awarded a Rs 156.27-crore contract. received a letter of acceptance (LoA) for a project of contract value of Rs 156.27 crore.

Indian Hume Pipe Company has received the letter of acceptance (LoA) for a project of contract value of Rs 156.27 crore (excluding GST) from Maharashtra Krishna Valley Development Corporation,” the company said in a statement.

The project is for construction of Piped Distribution Network (PDN) for Palashi Branch Canal, Vadjal Branch Canal, on Man Canal of Urmodi Irrigation Project for creation of 11280 Ha irrigation potential with five years of operation and maintenance.

The project is to be completed within 18 months and the agreement will be signed in due course, it said.

At 11:26am, Indian Hume Pipe Company was trading at Rs 200.25, up Rs 5.30, or 2.72 percent. The share touched a 52-week high of Rs 252.70 and a 52-week low of Rs 153 on August 3, 2021 and November 3, 2020, respectively.

The share was trading 20.76 percent below its 52-week high and 30.88 percent above its 52-week low at the time of filing this story.

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