Shriram EPC rallies 10% after JV with L&T bags Rs 705 cr order

NEW DELHI: Shares of Shriram EPC soared nearly 10 per cent in Tuesday’s trade, before retreating a bit, after the company informed exchanges that it has bagged an order worth $107.8 million (Rs 705 crore) from United Republic of Tanzania, Tanzania in JV with Larsen & Toubro.

The stock jumped 4.55 per cent to hit a high of Rs 30.95 on BSE.

This engineering, procurement and construction order from the Ministry of Water and Irrigation of the United Republic of Tanzania entails extension of the water transmission pipeline from the Lake Victoria Water Supply scheme to Tabora, Nzega and Igunga Towns in the country, L&T said in a statement.

At 9.46 am, L&T stock was up 0.23 per cent at Rs 1,550.15.

“The scope of work involves survey, design, procurement, construction and installation of pumping systems, rising and gravity / main lines, elevated and ground level storage reservoirs, branch lines, distribution network and water kiosks to provide water to Tabora town and 33 other villages that are enroute,” the statement said.