Power Mech Projects rallies 10% on bagging orders worth Rs 357 crore

The stock rallied 10% to Rs 797 on the BSE in noon deal trade after the company received orders worth Rs 357 crore for infrastructure development work at Andhra Pradesh Medtech Zone Limited.

Power Mech Projects rallied 10% to Rs 797 on the BSE in noon deal trade after the company received orders worth Rs 357 crore for infrastructure development work at Andhra Pradesh Medtech Zone Limited (AMTZ), an enterprise under the Government of Andhra Pradesh.

“The order is for construction of ultra modern medical equipment manufacturing & testing facility under Make in India scheme for a total contract price of Rs 357 crore located at Visakhapatnam, Andhra Pradesh,” Power Mech Projects said in a statement.

At 01:38 PM; the stock was up 7% at Rs 776 on the BSE, as compared to 0.23% rise in the S&P BSE Sensex. A combined 53,450 shares changed hands on the counter on the NSE and BSE so far.