Rakesh Jhunjhunwala Portfolio: Beaten-down Stock Jumps 10% In 5 Days | Mint - Mint - Financial Daily News Site

Rakesh Jhunjhunwala Portfolio: Beaten-down Stock Jumps 10% In 5 Days | Mint – Mint

Rakesh Jhunjhunwala portfolio: Va Tech Wabag shares have rebounded strongly after hitting new 52-week low of 223.65 levels. In last 5 sessions, this beaten-down Rakesh Jhunjhunwala stock has surged from 235.10 apiece levels to 259.35 per share mark, logging near 10 per cent rise in last one week. Uptrend in this Va Tech Wabag share price may continue as the water treatment company has recently bagger first large-scale seawater desalination plant in Senegal and the largest in West Africa upon completion.

Commenting on this Senegal order win, Deep Raj Saxena, CEO – MEA Cluster at Va Tech Wabag said, “This new order win in Senegal, amidst strong international competition, gives us immense pride and happiness. WABAG has been continuously foraying into new Geographies and Senegal is yet another country, where our consistent marketing efforts have reaped benefits. This significant order is a testament to WABAG’s strong track record, knowhow & global competitiveness in desalination and WABAG’s continued contribution to water security in the African continent. This plant when completed, will play a significant role in meeting the water demand of Senegal and also be an important reference project for WABAG.”

This Sengal project is expected to further enhance global position in desalination market of Va Tech Wabag. The scope of WABAG under this order will be Engineering & Procurement (‘EP’) and Operation & Maintenance (‘O&M’), which is worth about one-third of the consortium order value. WABAG’s EP scope includes Design, Engineering and Supply of Electromechanical equipment, supervision of Installation and Commissioning followed by a 2 year O&M of the plant. The location of the plant is in the main corniche of Dakar city on a high hill top, with sea water intake from the Atlantic Ocean. The plant will be based on SWRO technology with very advanced compact systems, considering the availability of land and challenging terrain.

The project is to be executed by WABAG in consortium with Toyota Tsusho Corporation (‘Toyota’), Japan and Eiffage Génie Civil, France (‘Eiffage’). WABAG will play the role of the Technology & System integrator, while Eiffage will be responsible for the construction work and Toyota will co-manage the project.

This project which is being funded by Japan International Cooperation Agency (‘JICA’) aims to provide a safe and stable water supply to the people of Senegal by ensuring a highly sustainable water source. The groundbreaking ceremony of this project was held in Dakar, Senegal and the commencement of construction of the plant was declared by the President of Senegal. As the first large-scale seawater desalination plant in Senegal and the largest in West Africa upon completion, this project is expected to greatly improve the lives of the people by meeting the water needs of about one million Dakar residents, thereby contributing to sustainable development of the economy in Senegal.

Va Tech Wabag share price history

This beaten-down Rakesh Jhunjhunwala stock has dipped over 3 per cent in last one month despite stellar whopping rise in last one week. In YTD time, this stock has dipped over 18 per cent whereas in last six months, it has tumbled to the tune of 22.50 per cent. This stock has remained a ‘sell on rise’ stock throughout the year as it has lost more than 13 per cent in last one year.

Rakesh Jhunjhunwala shareholding in Va Tech Wabag

According to Va Tech Wabag shareholding pattern for Q4FY22, Big Bull holds 50 lakh shares of the company, which is 8.04 per cent of total paid-up capital of the company.

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