This Rekha Jhunjhunwala-owned mutlibagger stock hits new 52-week high on securing Rs 260 cr order – Brokerage recommends this
Rekha Jhunjhunwala, Rakesh Jhunjhunwala, Multibagger Stock: “Secured a repeat order from Purolite S.R.L, Romania worth about Rs 260 crore (EUR 30 million) towards upgrading the Industrial Wastewater Treatment Plant (WWTP) in Romania,” Va Tech Wabag said in an exchange filing.
Rekha Jhunjhunwala, Rakesh Jhunjhunwala, Multibagger Stock: Ace investor Rekha Jhunjhunwala-backed water treatment and management company – Va Tech Wabag share price zoomed more than 12 per cent on Monday, December 12, to hit a new 52-week high of Rs 375.
The buying sentiment in the stock was seen after the company bagged Rs 260 crore order.
“Secured a repeat order from Purolite S.R.L, Romania worth about Rs 260 crore (EUR 30 million) towards upgrading the Industrial Wastewater Treatment Plant (WWTP) in Romania,” Va Tech Wabag said in an exchange filing.
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The company said that the contract includes design and engineering, equipment supply, installation, commissioning and start-up of the Purolite Victoria WWTP. The project is scheduled to be executed over a 24-month period.
Va Tech Wabag is a leading pure-play water technology Indian multinational group. The order was secured by the company’s European subsidiary WABAG Water Services S.R.L., Romania.
Celebrity investor Rekha Jhunjhunwala has 50,00,000 equity shares or 8 per cent stake in Va Tech Wabag, according to the September shareholding pattern of the company available on the BSE.
Rekha Jhunjhunwala publicly holds 18 stocks with a net worth of over Rs 10,718.4 crore as of December 12, 2022, as per the stock analysis website trendlyne.com. She is the wife of veteran stock market investor Rakesh Jhunjhunwala, who passed away earlier this year in August.
Shares of Va Tech Wabag have given mutlibagger returns in the last three years as the stock jumped around 115 per cent from Rs 175 per share in December 2019 to today’s 52-week high level. The counter has gained more than 25 per cent in the last one month and nearly 60 per cent in the last six months on the exchanges.
Given the growing attention of the government and multi-lateral funding agencies towards an escalating water shortage crisis, the water treatment sector is well poised for secular, long-term growth, domestic brokerage firm YES Securities said in its report on the company.
In the brokerage’s view, Va Tech Wabag’s robust order book thriving on strong market leadership, execution ramp-up, and operational efficiencies would help it capitalise on future opportunities. YES Securities maintained a BUY rating with a target of Rs 391 based on 14x PE on FY24E earnings.
07:51 PM IST