VA Tech Wabag shares — traded on the bourses with the symbol WABAG — scaled a 52-week high on Wednesday after the company secured an order worth Rs 420 crore from City and Industrial Development Corporation of Maharashtra, a city planning agency.  

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The stock of Chennai-based VA Tech Wabag — a provider of desalination and water treatment solutions — gained by as much as Rs 23.6 or 4.9 per cent to Rs 503.2 apiece on BSE, a third straight session in which the stock scaled a 52-week peak. The stock closed at Rs 490.95 apiece, up 2.29 per cent.

The order involves the designing, building and operation of a water treatment plant with a capacity of 270 million litres per day at Jite in Raigad District, according to a regulatory filing. 

VA Tech Wabag said the breakthrough order is an important and strategic success as it forays back into the design, build and operation (DBO) space in the state. The scope of the project includes design, engineering, supply, construction, installation and commissioning of the plant, including a clear water pumping station, within 42 months from commencement, followed by operation and maintenance for a period of 15 years.

"This project was won against tough competition based on our technical superiority and competitiveness and we are thankful to our client for the confidence they have reposed in us. This project once completed will address the growing water need of the area and also be a key reference in our journey," said Shailesh Kumar, CEO-India Cluster, WABAG.  

The project has been planned in order to cater to the future water demand for Navi Mumbai, the company said. Water from the Hetwane dam will be treated at the proposed water treatment plant and pumped to the existing Master Balancing Reservoir (MBR) at Vihal for further distribution, it added.

VA Tech Wabag shares: Past performance 

The WABAG stock has more than doubled in value over the past one year, sharply outperforming a 13.7 per cent rise in the headline Nifty index.

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