Clarification on news the item appearing in "https://www.cnbctv18.com/" dated 16th April, 2026 captioned "VA Tech Wabag shares surge on the back of this CNBC-TV18 exclusive"
WABAG · price
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VA Tech Wabag has issued a clarification to stock exchanges regarding a news article that caused its shares to surge. The company denied the claim about being the lowest bidder for a sewage treatment plant contract worth over INR 600 crores in Saudi Arabia, stating it is not aware of any such project. For the Kuwait project, the company confirmed that its joint venture with HEISCO did submit the lowest bid of KD 114,280,000 for a Desalination Plant on August 6, 2025, but clarified that the Letter of Award (LOA) is still awaited. Since no orders have been formally bagged, the company stated no disclosures were required under SEBI regulations.
The denial of the Saudi Arabia deal and the fact that the Kuwait project is still pending formal award may temper recent share price gains, as the news article appears to have been premature or inaccurate.