Shares of Power Mech Projects Ltd gained over 5% on Wednesday after the civil construction firm said it won a Rs 294 crore order from Adani Power.
"Our Company has secured a Rs 294 Crore (excluding GST and an incentive amount of Rs 1.25 crore per unit after achieving the Synchronization within stipulated time) order from Adani Power Limited (APL) for Overhauling services, condition assessment, Erection, Testing, Commissioning and manpower assistance for Performance Guarantee Test of Steam Generator (SG) and Steam Turbine Generator (STG) and its Auxiliaries for Unit 3 and 4 of 2x660 MW Korba Phase-II Thermal Power Project," said Power Mech Projects.
Power Mech Projects stock rose 5.14% to Rs 2699.95 against the previous close of Rs 2567.75 on BSE. Market cap of Power Mech Projects climbed to Rs 8,428 crore. Total 2961 shares changed hands amounting to a turnover of Rs 72.33 lakh.
Power Mech Projects shares have gained 19 per cent in a year. The stock has seen very high volatility in a year with a beta of 1.4.
In terms of technicals, the relative strength index (RSI) of the stock stands at 42.6, signaling the stock is trading neither in the overbought nor in the oversold zone.
Power Mech Projects shares are trading higher than the 5 day, 20 day, 30 day but lower than the 50 day, 100 day, 200 day moving averages.Power Mech Projects is an engineering and construction company providing integrated service in erection, testing and commissioning (ETC) of boilers, turbines and generators and balance of plant (BOP), civil works and operation and maintenance (O&M).