Power Mech Projects Shares Gains On Multiple Order Wins
Power Mech Projects won three orders worth total Rs 1,034 crore.
Shares of Power Mech Projects Ltd. ended up on Monday after multiple order wins worth a total of Rs 1,034 crore.
The company won a contract worth Rs 608 crore for the execution of the retrofitting of a flue gas desulphurisation system for Adani Group's thermal power plants located in Madhya Pradesh and Chhattisgarh, ranging between 600 megawatt and 685 megawatt.
The company also got an order to set up a wagon repair workshop at Kazipet in Telangana on EPC mode for Rs 306.60 crore. Another order worth Rs 119.53 crore was also received for providing technical expertise to rotary technicians, operation, and maintenance services for CPP and related utilities, including the central control room at the Dangote Petroleum Refinery and Petrochemicals Project, Lagos, Nigeria.
The stock gained 7.78% to reach its highest level since Nov. 25 at Rs 1,984.25 apiece before closing 7.51% higher at Rs 1,981. The total traded volume so far in the day was 2.4 times its 30-day average volume.
The one analyst tracking the company maintains a 'buy' rating on the stock, according to Bloomberg data.