Power Mech Projects spurted 5.64% to Rs 705.75 after the company secured a project from Central Coal Fields for the development and operation of Kotre Basantpur Pachmo Project in Jharkhand.
The company secured the project by Central Coal Fields (a Miniratna subsidiary company of Coal India) for the development and operationalization of Kotre Basantpur Pachmo Project, Jharkhand, in mine developer cum operator (MDO) mode for extraction of coking coal.The contract is worth Rs 9294.14 crore and the contract period is 25 years. This contract will be executed through KBP Mining, a special purpose vehicle (SPV), incorporated for the purpose of execution (with Power Mech Projects holding 74% stake and AMR India holding 26% stake).
On a consolidated basis, Power Mech Projects net profit rose 14.4% to Rs 36.08 crore on 27% rise in net sales to Rs 755.19 crore in Q4 FY21 over Q4 FY20.
Power Mech Projects operates as an engineering and construction company, which provides erection, testing and commissioning (ETC), civil and operation and maintenance services for power projects.
The stock hit a 52-week high of Rs 767.30 in intraday today.
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