VA Tech Wabag soars on entering into MoU with Peak Sustainability Ventures
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VA Tech Wabag is currently trading at Rs. 627.00, up by 21.00 points or 3.47% from its previous closing of Rs. 606.00 on the BSE.
The scrip opened at Rs. 619.90 and has touched a high and low of Rs. 633.05 and Rs. 616.00 respectively. So far 3938 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 675.50 on 16-Jan-2024 and a 52 week low of Rs. 302.80 on 30-Jan-2023.
Last one week high and low of the scrip stood at Rs. 645.10 and Rs. 595.90 respectively. The current market cap of the company is Rs. 3768.74 crore.
The promoters holding in the company stood at 19.13%, while Institutions and Non-Institutions held 18.96% and 61.92% respectively.
VA Tech Wabag (WABAG) has entered into memorandum of understanding (MoU) with Peak Sustainability Ventures (PEAK) to establish 100 Bio-CNG plants at sewage treatment facilities across India and other mutually agreed-upon locations in the GCC, Africa, and European countries. The parties aim to harness the unutilized potential of Sewage treatment plants and to generate Bio-CNG which can be used for mobility application in trucks and heavy duty vehicles, and for industrial applications, thereby reducing the need for fossil fuels. This initiative would not only meet the growing energy demand in a responsible and ecofriendly manner, but also contribute to India’s commitment to GHG emission reduction and to reduction of air pollution from methane, which has much higher Global Warming Potential (GWP) than carbon dioxide.
This strategical tie-up will further boost WABAG’s commitment towards a cleaner and greener world. WABAG has already implemented around 40 large biogas generation facilities in its various projects globally. PEAK manages an Alternative Investment Fund (AIF) which invests across 4 verticals: new energy (renewables, energy storage, waste-to-energy, hydrogen etc.), food systems, water and other climate related sectors to address the mitigation and adaptation objectives of the SDG goals. WABAG with its experience & know-how in implementing sustainable solutions will play the role of a technology partner and will be responsible for execution, commissioning and O&M of the Bio-CNG plants. PEAK would provide inputs in energy related areas and assist in raising capital for financing projects at scale.
VA Tech Wabag is an India-based company engaged in the business of water treatment field.
