Indian Hume Pipe Company surged 8.51% to Rs 179.10 after the company received letter of acceptance (LOA) for Rs 194.03 crore under Jal Jeevan Mission Project in Maharashtra.
The company received LOA from Maharashtra Jeevan Pradhikaran Division, Buldhana, Maharashtra, under Jal Jeevan Mission project for Jalgaon Jamod 150 villages Regional Rural Water Supply Scheme.The project is to be completed within 24 months with a trial run for 12 months after completion of project.
The company said that the agreement will be signed in due course.
Indian Hume Pipe Company is engaged in the business of manufacturing, laying and jointing of pipelines. The company has also been undertaking infrastructure development programmes by way of execution on turnkey basis the combined water supply projects. The company also manufactures and supplies concrete railway sleepers to Indian Railways.
The company's net profit soared 343.6% to Rs 20.67 crore on 23.7% rise in net sales to Rs 360.13 crore in Q1 FY23 over Q1 FY22.
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