Power Mech shares up 10% on orders worth Rs 1,311 crore

The share touched its 52-week high Rs 800 and 52-week low Rs 310 on 11 February 2020 and 27 May 2020, respectively.

Power Mech Projects share price gained nearly 10 percent intraday on September 3 after the company received a letter of intent/L1 intimation for the work orders worth Rs 1,311.70 crore.

The work orders include a project on EPC basis in the state of Karnataka worth Rs 555.13 crore from NHAI. This is a joint venture between Power Mech and SRC Infra in the ratio of Power Mech 60 percent and SRC infra 40 percent respectively.

The other project is widening and upgradation to 2 lanes with paved shoulder configuration and geometric improvement on Aizawl-Tuipang Section of NH-54 in the State of Mizoram (Package-7) worth Rs 446.40 crore from NHIDCL. This is a JV between Power Mech and SRC Infra in the ratio of Power Mech 74 percent and SRC infra 26 percent respectively.

It also got a contract worth Rs 176.17 crore from LMB.

The other contracts include doubling of BVRM NS section on Vijayawada division of south-central railway in Andhra Pradesh which is worth Rs 35 crore and Yard Modification works at MIM as per the revised ESP in connection with doubling of the railway line between Gudivada-Machilipatnam stations of Vijayawada worth Rs 32 crore from Rail Vikas Nigam.

It received O&M of Ash Handling Plant of 3x660MW Talwandi Sabo Power in Punjab worth Rs 21 crore from Steag and balance Misc civil works worth Rs 46 crore from Rail Vikas Nigam.

At 11:43 hrs Power Mech Projects was quoting at Rs 463.00, up Rs 29.10, or 6.71 percent on the BSE.

The share touched its 52-week high Rs 800 and 52-week low Rs 310 on 11 February 2020 and 27 May 2020, respectively.

Currently, it is trading 42.13 percent below its 52-week high and 49.35 percent above its 52-week low.

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