Shriram EPC soars on bagging orders worth of Rs 165 crore

The stock rallied 18% to Rs 28.20 on BSE in intra-day trade on back of heavy volumes.

Shares of Shriram EPC  rallied 18% to Rs 28.20 on BSE in intra-day trade after the company said it has won multiple orders under its water management business amounting to Rs 165 crore.

The first order amounting to Rs 83.37 crore from City Corporation Davanagere, involves designing, building and improving bulk water supply for 24X7 water supply to Davanagere city and O&M of the bulk water supply scheme for 3 months.

The Asian Development Bank (ADB) funded project is to be executed over a period of 30 months with 3 months for operations & maintenance (O&M).

The second order amounting to Rs 82.56 crore from Tamil Nadu Water Supply & Drainage Board (TWAD Board) entails implementation of water supply scheme in Hosur Muncipal Corporation, Krishnagiri district.

Meanwhile, the Shriram EPC had reported a consolidated net loss of Rs 218 crore for the financial year 2016-17 against loss of Rs 204 crore in previous fiscal.

Thus far in the calendar year 2017, the stock underperformed the market by falling 19% against 18% rise in the S&P BSE Sensex till Thursday.

At 10:37 am; the stock was up 14% at Rs 27.30, as compared to 0.23% decline in Sensex. The counter has seen huge trading volumes with a combined 1.64 million shares changed hands on BSE and NSE so far.