 "Power Mech stock price gains 7% on Rs 114 crore-order win; details here")
Power Mech Projects stock gains: Shares of Power Mech Projects jumped as much as 6.66 per cent to hit an intraday high of Rs 6,039.80 per share on Friday, August 16, 2024.
However, at 9:34 AM, shares of Power Mech were off highs but were trading 3.32 per cent higher at Rs 5,850 per share. In comparison, BSE Sensex was trading 1.04 per cent higher at 79,926.44 levels.
The rise in the share price came after the company announced that it has secured an order worth Rs 114.30 crore from Coastal Energen Private Limited.
In an exchange filing, Power Mech said, “Extension of time for Operation and Maintenance of 1200 MW (2*600MW) coal based thermal power plant namely Mutiara Thermal Power Plant, owned by Coastal Energen Private Limited located at Melamaruthur Village, Ottapidaram Taluk, Tuticorin District, Tamilnadu for a period of one year with effect from 01.10.2024.”
The company will be responsible for the operation and maintenance of 1200 MW (2*600MW) coal based thermal power plant.
The time required to complete the project is 12 months.
Also Read
Set up in 1999, Power Mech Projects Limited is among the leading engineering and construction firms specialising in the integrated services of erection, testing, and commissioning (ETC) for boilers, turbines, generators, and balance of plant (BOP).
Additionally, the company offers civil works and operation and maintenance (O&M) services. Power Mech Projects is involved in major power initiatives, including ultra-mega power projects, supercritical thermal power projects, and subcritical power projects.
The company operates through five strategic units including industrial services, industrial construction, infrastructure construction, manufacturing & heavy fabrication and mining.
As of FY24, Power Mech Projects boasts a strong order book valued at approximately Rs 57,000 crore, which includes two Mine Developer and Operator (MDO) contracts worth around Rs 39,700 crore, set to be executed over the next 25 years.
Earlier this week, the company announced that the Board will consider the proposal for issue of bonus shares to the equity shareholders of the company on Thursday, August 22, 2024.
The market capitalisation of Power Mech is Rs 9,279.46 crore, according to Bombay Stock Exchange (BSE). The company falls under the BSE SmallCap category.