Stock in deep correction: Va Tech Wabag
Va Tech Wabag has been in correction since reaching 1906 levels in the second week of Dec 2024.
The cancellation of a ₹2,700 crore order for a 300 million litres per day (MLD) mega seawater desalination plant in Saudi Arabia in the month of Dec 2024 caused the steep fall in share price.
The order was cancelled due to some internal administrative procedures.
This development has been perceived as negative in short to medium term for the stock and the price got beaten.
The current order book of Va Tech Wabag is Rs 14,500 Cr.
The cancellation caused a dent of 18% on its order book.
The stock has corrected 41% from the peak value.
Support levels: 1006, 772
One can enter near 1000 levels for good returns.
The cancellation of a ₹2,700 crore order for a 300 million litres per day (MLD) mega seawater desalination plant in Saudi Arabia in the month of Dec 2024 caused the steep fall in share price.
The order was cancelled due to some internal administrative procedures.
This development has been perceived as negative in short to medium term for the stock and the price got beaten.
The current order book of Va Tech Wabag is Rs 14,500 Cr.
The cancellation caused a dent of 18% on its order book.
The stock has corrected 41% from the peak value.
Support levels: 1006, 772
One can enter near 1000 levels for good returns.
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