Shares of Indian Hume Pipe Company Ltd. rallied by 10%, reaching a day’s high of Rs 613.70 on 2nd September after the company announced an order win over the weekend, valued at one-third of its overall market capitalisation.

The company, in an exchange filing, has said that it has received a Letter of Intent from Tapi Irrigation Development Corporation, Jalgaon, Maharashtra, for an order worth Rs 858.88 crore.

The order involves work on engineering, procurement, construction, trial, testing, and commissioning of a gravity piped distribution network to irrigate a 26,907-hectare command area of Jamphal Dam under the Sulwade Jamphal Kanoli Lift irrigation project in Dhule district, Maharashtra.

They also mentioned that the deal covers running and keeping up the whole system for five years. The project is due to be finished in 24 months.

The order value is almost one-third of the company’s overall market capitalisation of just over Rs 3,000 crore.

The stock has risen for the second consecutive day, up 150% so far in 2024, marking its best calendar year performance since 2014, when it gained 162%.

At 10:38 AM, the shares of Indian Hume Pipe were trading 7.99% higher at Rs 580.15 on NSE.

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