Power Mech Projects rose 1.75% to Rs 730.55 after the company said it won two separate orders worth Rs 351 crore.
The company won an order worth Rs 211 crore from state-run BHEL for civil and architectural works of 2x660 MW Maitree Rampai project in Bangladesh to be completed in 20 months.It also won an order worth Rs 140 crore from Jayprakash Power Venture for operation and maintenance services of 2x660 MW Jaypee Nigrie super thermal power plant at Madhya Pradesh for five years. The announcement was made during trading hours today, 22 January 2020.
Shares of Power Mech Projects jumped 9.94% in three consecutive sessions from its recent closing low of Rs 664.45 on 17 January 2020.
The scrip surged 22.42% in one month. On the technical front, the stock's RSI (relative strength index) stood at 75.633. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
The stock was trading in between its 100-day moving average (DMA) placed at Rs 662.08, with will act as a support in the near term and its 200-day moving average (DMA) placed at Rs 795.30, would act as a resistance in the upcoming trade.
On a consolidated basis, the company's net profit grew 23.5% to Rs 35.10 crore on a 0.3% fall in net sales to Rs 533.14 crore in Q2 September 2019 over Q2 September 2018.
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.
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