Power Mech Projects shares rise 4% as firm wins Rs 825-crore order

Shares of Power Mech Projects Ltd rose nearly 4% on Monday after the firm said it won an order worth Rs 825 crore from Mahan Energen Ltd. Power Mech Projects stock gained 3.86% to Rs 4505.15 against the previous close of Rs 4337.65 on BSE. Later, Power Mech Projects stock ended 3.44% higher on BSE.

The stock has gained 114 per cent in one year and risen 376 per cent in two years.

Power Mech Projects shares are trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.

A total of 7505 shares of the lender changed hands, amounting to a turnover of Rs 3.30 crore on the BSE. Market cap of the firm rose to Rs 7093.12 crore on the BSE. The stock hit a 52-week high of Rs 5062.25 on July 31, 2023 and fell to a 52 week low of Rs 1571.20 on February 3, 2023.

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The order relates to civil and mechanical construction works for 2x800 MW (Phase-II) Mahan Ultra Supercritical Thermal Power Project, village:Bandhua, district Singrauli, Madhya Pradesh from Mahan Energen Limited for Rs 825 crore. The order is to be executed within a period of 22 to 33 months.

Profit after tax (PAT) rose to Rs 51.3 crore in Q2 FY24 as compared to Rs 43.8 crore in Q2 FY23. Revenue climbed to Rs 936.9 crore in the September 2023 quarter from Rs 774.3 crore in the year-ago period. Operating profit climbed to Rs 113.3 crore in Q2 against Rs 86.6 crore in the corresponding quarter of the previous fiscal.

Power Mech Projects is an engineering and construction company. The company is engaged in 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). The company operates through the construction and maintenance activities segment.

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