The Indian Hume Pipe Company Limited receives LOA for Rs. 550 crore water supply scheme in UP

The Indian Hume Pipe Company Limited has received Letter of Acceptance from State Water & Sanitation Mission, Namami Gange & Rural Water Supply Department (SWSM), Lucknow, Government of Uttar Pradesh for providing water supply schemes in 550 villages of Kanpur Division in Uttar Pradesh at an approximate value of Rs. 550 Crores.

As per Tender condition the total contract value of the work for 550 villages will be finalized and awarded after submission of Detailed Project Report (DPR) by the Company and approved by the State Government. Further the submission of DPR will be in tranches and need to be submitted within 180 days from the date of receipt of list of villages by the Company from SWSM. Thereafter Letter of Acceptance will be issued for each scheme and multipartite agreement will be signed. However, minimum work to the tune of Rs. 400 Crores is guaranteed as per Tender condition.

The project is to be completed within 21 months from the date of signing of multipartite agreements.

The Operation & Maintenance period is 10 years after completion of project.

The initial Agreement will be signed in due course.

Shares of INDIAN HUME PIPE CO.LTD. was last trading in BSE at Rs.183 as compared to the previous close of Rs. 188.5. The total number of shares traded during the day was 6569 in over 303 trades.

The stock hit an intraday high of Rs. 187.45 and intraday low of 182.5. The net turnover during the day was Rs. 1213733.

Source : Equity Bulls

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