Va Tech Wabag resumes operation of AGCC Russia project; Stock surges 2.5%

4 Jul 2022 , 12:00 PM

Va Tech Wabag Ltd stocks rally during Monday’s afternoon session after intimation of resumption of AGCC Russia Project.

As per the filing, the Company has secured an Engineering and Procurement (‘EP’) order from Amur Gas Chemical Complex LLC. in Russia in August 2021.

Further, the company informed that the project has been progressing well and based on the progress achieved, the Company has invoiced and collected USD 21.61 Million.

“We are happy to inform that we have now received a communication from the Customer to resume the services and works under the Contract, which they had suspended in April 2022 on account of ongoing Geopolitical uncertainty in the region. Pursuant to this resumption intimation, we are resuming the work with full resources to meet the project timelines.” the company said in a regulatory filing.

At around 12:01 PM, Va Tech Wabag was trading at Rs235.45 per share up by Rs5.65 or 2.46% from its previous closing of Rs229.80 per share on the BSE.