Despite reporting losses for two consecutive years, the promoter of India’s leading manufacturer of pumps and pumping systems, WPIL, is confident of his franchise. Through the entity, VN Enterprises, managing director Prakash Agarwal has acquired about Rs.14 crore worth stake in the firm in the opening week of April. Previously, VN Enterprises had bought stake worth Rs.28.4 crore in FY18, across a series of open market transactions. Post the latest acquisition of 1.4 lakh shares, VN Enterprises has a 6.95% stake in the firm. For the quarter ending March 2018, Agarwal had a 2.01% stake in his personal capacity.
Since the firm’s key focus is on engineered pumps and EPC contracts, the slowdown in the domestic and global economy, led to drying up of its order