The shares of an infrastructure company, specializing in designing, building, and operating large-scale infrastructure projects, jumped upto 3 percent upon receiving a work order for Rs. 290.88 Crore from Brihanmumbai Municipal Corporation.
Price action
With a market capitalization of Rs. 7,969.18 crores on Thursday, the shares of Welspun Enterprises Ltd (NSE:WELS) rose upto 3.4 percent in Intraday’s trade making a high of Rs. 577.80 per share.
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What Happened
Welspun Enterprises’s subsidiary Welspun Michigan Engineers Limited (WMEL) has received an EPC contract from Brihanmumbai Municipal Corporation (BMC) for Rs. 290.88 Crores, for the design and construction of a state-of-the-art stormwater pumping station, complete with mechanical, electrical, and automation systems.
Additionally, the contract encompasses a comprehensive operations and maintenance (O&M) phase for seven years and it is set to be completed within 20 months, excluding the monsoon period. With this order, WMEL’s outstanding order book as of January 31, 2025, will increase to approximately Rs. 2,791.76 crore.
This is a critical flood mitigation initiative, the Mogra Storm Water Pumping Station will efficiently pump excess rainwater from storm drains into the sea during heavy monsoons, reducing the risk of urban flooding. This project is expected to provide significant relief to flood-prone areas such as Oshiwara, Andheri, Versova, and Jogeshwari, enhancing Mumbai’s drainage infrastructure and resilience against extreme weather events.
Management Commentary
Mr. Saurin Patel, Managing Director of Welspun Michigan Engineers Limited said: “The Mogra Storm Water Pumping Station is a vital infrastructure project designed to mitigate monsoon flooding in Andheri and surrounding areas. This initiative reflects our unwavering commitment to enhancing Mumbai’s resilience against heavy rainfall and advancing urban flood management. With this contract, we further strengthen our dedication to building robust urban infrastructure through innovative engineering, state-of-the-art technology, and sustainable water management solutions.”
About the Company
Welspun Enterprises Ltd is a prominent infrastructure development company in India. It focuses on sectors like roads, water, and urban infrastructure. Welspun Enterprises also engages in public-private partnership (PPP) ventures. With a strong portfolio of completed projects, it is known for its commitment to quality and innovation in the infrastructure space.
Written by Sridhar J
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