ICRA has revised its long term fund based facilities rating of the company to ICRA A (Negative) from ICRA A+ (Negative).
Va Tech Wabag share price rose 5 percent in the early trade on April 8 after the company secured a contract in Bahrain.
The company has secured 4.5 million Bahraini Dinar (approximately Rs 900 million) order from Ministry of Works, Municipalities Affairs and Urban Planning (MoW) in the Kingdom of Bahrain, as per BSE release.
The order includes operation, maintenance and management of the Madinat Salman Sewage Treatment Plant (STP) and Long Sea Outfall for a period of 5 years.
"In line with our growth strategy, this new order to our strong O&M order book across the globe provides annuity income which helps us with improved cash flow and better revenue predictability,” said Deep Raj Saxena, CEO – Middle East and Africa Cluster.
ICRA has revised its long term fund based facilities rating of the company to ICRA A (Negative) from ICRA A+ (Negative).
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