SPML Infra, infrastructure development compnay’s share sizzled 3.6% on Wednesday’s trading session as the company said that it has substantially completed a crucial irrigation project in Gujarat.
The completion of Phase-I of Saurashtra Narmada Avtran Irrigation (SAUNI) Yojana project in Botad was inaugurated by the Prime Minister Modi aslong with Vijay Rupani, Chief Minister of Gujarat.
The project envisage to divert one million acre feet (1 MAF) water of Narmada Dam to Saurashtra to distribute it to 115 reservoirs through 1115 kilometer long network of giant pipelines to irrigate 1.8 million hectare of land, mainly in Saurashtra, Kutch and north Gujarat regions, benefiting millions of farmers.
It will also supply irrigation water to 2.46 lakh hectares in drought-prone Barmer and Jalore districts in Rajasthan and some parts of Maharashtra apart from generating hydropower. This project has also solved the drinking water scarcity of 132 towns and 11,456 villages in the Saurashtra, Kutch, North Gujarat, Panchmahal and Ahmedabad regions.
The stock has delivered over 36% returns in a period of one year and has outperformed the Nifty Infrastructure and underperformed the BSE Small Cap indices over the same time span.