The VA TECH WABAG acquired order of Rs.85 cr from Sultanate of Oman for purifying water from Sea water plant and contracted for 5 years. This Water is used for Domestic purposes in their Domestic areas of Oman.
WABAG Market price is moving in Ascending channel and market has rebounded from the higher low area of the channel
Va Tech Wabag’s share price rose in opening trade on May 28 after the company secured an Operation & Maintenance order worth Rs 85 crore.
The company announced it has won an order valued at approximately Rs 850 million from Nama Water Services in the Sultanate of Oman for the Operation & Maintenance (O&M) of the Al Duqm Desalination Plant over the next five years. This plant, which has a capacity of 8 million liters per day (MLD), was constructed by Va Tech Wabag over ten years ago, with the company handling its O&M until 2018. The new contract, won against international competition, covers the O&M of the plant as well as its sea water intake and outfall systems.
The water produced from this plant will be used for domestic consumption in the Duqm and Haima areas of the Al Wusta Governorate.
In its recent financial results, the company reported a consolidated profit of Rs 72.4 crore for the quarter ended March 2024, compared to a loss of Rs 111 crore in the same quarter the previous fiscal year. Revenue increased by 0.8 percent to Rs 934.2 crore from Rs 926.9 crore year-over-year.
The GMDCL Lignite manufacturing company and used for Mining and Power most of the projects. The company reported 53.2% loss in this Q42024 as Rs.207 cr, Operations revenue came at 20.8% loss as Rs.750.7 cr and EBITA Loss shows 47.3% as Rs.205.3 cr. EBITA Margin fell down to 27.7% from 41.1% in the last quarter makes this quarter loss in all areas.
GMDCLTD Market price has broken Descending Triangle in upside
Shares of Gujarat Mineral Development Corporation (GMDC) fell over 3 percent on May 28 after the company reported weak earnings for the quarter ended March 2024.
GMDC reported a 53.2 percent year-on-year (YoY) decline in net profit, which amounted to Rs 207 crore in the fiscal fourth quarter. The company’s revenue from operations also saw a significant dip, falling 20.8 percent YoY to Rs 750.7 crore.
At the operating level, GMDC’s earnings before interest, tax, depreciation, and amortization (EBITDA) dropped 47.3 percent YoY to Rs 205.3 crore in the fiscal fourth quarter. The EBITDA margin for the quarter stood at 27.4 percent, down from 41.1 percent in the corresponding period of the previous fiscal year.
The GMDC board recommended a dividend of Rs 9.55 per equity share of Rs 2 each for FY24.
GMDC is a mining and mineral processing company engaged in lignite exploration and supply in Gujarat. It operates through two segments: Mining and Power. The company’s projects include the extraction and processing of Lignite, Bauxite, Fluorspar, Manganese, Silica Sand, Limestone, Bentonite, and Ball Clay. Its power operations encompass thermal, solar, and wind energy.
The company operates five lignite mines: Mata-No-Madh, Rajpardi, Tadkeshwar, Bhavnagar, and Umarsar. It also runs bauxite mining operations at the Mewasa Bauxite Mines in Devbhoomi Dwarka, Gujarat. Other projects include a fluorspar project in Kadipani, Baroda district, a manganese project in Shivrajpur, Panchmahal district, and a power project in Nani Chher, Kutch district.
TIMKEN: Timken India Jumps 8% as Timken Singapore Reduces Stake
The Timken Singapore Parent company is like to sale its 6.60% stake in Indian branch of Timken share nearly 50 lakh shares in 180 days lockin period. The Promoter have 57.70% stake in this Indian Company, offloading value of Rs.1775 cr from this deal is used for company improvement purpose.
TIMKEN Market price is moving in Ascending channel and market has reached higher high area of the channel
On May 28, a block deal involving 50 lakh shares, representing a 6.65 percent stake in Timken India, was executed. The parties involved in the transaction were not immediately disclosed. However, CNBC-TV18 reported on May 27, citing sources, that Timken Singapore, the parent entity of Timken India, aimed to divest a 6.6 percent stake in the company, seeking to raise approximately Rs 1,775 crore from the deal.
Following the block deal, shares of Timken India surged by approximately 8 percent, reaching an intraday high of Rs 4,258.70 on the National Stock Exchange (NSE). The transaction also led to a significant increase in trading volume, with 55 lakh shares changing hands on the exchanges, significantly higher than the one-month average of 2 lakh shares.
As reported, the deal was facilitated by BoFA Securities and was expected to be executed at a substantial discount to Timken India’s previous closing price. Additionally, the stake sale would trigger a 180-day lock-in period for the promoter entity before it could proceed with another tranche of stake sale.
According to the latest shareholding data available at the end of the March quarter, the promoter entity, Timken Singapore, held a 57.70 percent stake in Timken India.
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