Indian Hume Pipe surges 12% on LoI of Rs 187 crore

The company has received three letters of intent (LoI) for the works aggregating to Rs 187.06 crore (excluding GST) from Vidarbha Irrigation Development Corporation, Nagpur.

Share price of Indian Hume Pipe Company surged 12 percent in the early trade on Tuesday after company received 3 letters of intent of Rs 187 crore.

The company has received three letters of intent (LoI) from Vidarbha Irrigation Development Corporation, Nagpur.

It includes construction of M.S. Feeder Pipeline from Kochi Barrage to Pench and allied works of Kanhan River Projects (Kochi Barrage), Nagpur. The project is to be completed within 16 months with a maintenance period of 5 years.

The second project is construction of pipe distribution network on Kapsi Sub Branch of Asolamendha project. The project is to be completed within 18 months and with a maintenance period of 5 years.

And third LoI is for Pauni Lift Irrigation Scheme. The project is to be completed within 24 months with a maintenance period of 5 years.

The agreements will be signed in due course.

At 09:32 hrs Indian Hume Pipe Company was quoting at Rs 295.80, up Rs 14.80, or 5.27 percent on the BSE.

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