Va Tech jumps on new order

Va Tech Wabag is showing a lot of traction today. With volumes up almost two times, the stock is up in the green at Rs.709.50, up around 4%. At one point it was up over 8% from previous close.

The stock is in the limelight after the company announced that its consortium of VA Tech Wabag and Muhibbah Engineering won a Rs.1500 crore effluent treatment plant order from Malaysia’s national oil and gas company, Petroliam Nasional Berhad (PETRONAS).

The ETP will form part of the RAPID complex at Pengerang, Johor, in southern Malaysia.The RAPID Project consists of a world scale integrated site which includes refining activities and petrochemicals production. The refinery will have a capacity of 3,00,000 barrels per day(bpd), while the Steam Cracker’s combined annual production is anticipated to be more than 3 million tonnes per annum of ethylene, proplene and C4-C6 olefins products. Products from the refinery and steam cracker will be the feedstock to produce premium differentiated specialty petrochemical products.

RAPID is PETRONAS’ largest green-field downstream undertaking in Malaysia, and along with its six major associated facilities, forms the Pengerang Integrated Complex.