Welspun Enterprises Hits 52-Week High as L1 Bidder for BMC's Water Treatment Plant Project

8 Feb 2024 , 11:36 AM

Welspun Enterprises’ share price surged over 3%, reaching a 52-week high of ₹382.70 after being declared the L1 bidder by BMC for a DBO contract to develop a 2,000 MLD water treatment plant in Bhandup.

In early trade, the stock was quoted at ₹373.50, up 3.22% on the BSE. At the time of writing, the stock was trading at ₹370.20, a 2.42% increase from the previous close.

The project involves designing, building, and operating a water treatment plant to be completed within 48 months, followed by comprehensive operation and maintenance for 15 years.

The total contract value is ₹4,128 Crore, with design and build at ₹2,248 Crore and operation and maintenance at ₹1,880 Crore. NCLT’s Ahmedabad Bench approved the Scheme of Amalgamation, integrating Welspun Infraconstruct, Welspun-Kaveri Infraprojects JV, Corbello Trading, and RGY Roads with Welspun Enterprises and respective shareholders.

Welspun Enterprises is taking necessary steps to make the scheme effective, with updates to be provided once it is in effect. In the quarter ending December, the company reported a net profit of ₹79.92 Crore compared to ₹401.58 Crore YoY.

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