Power Mech Project jumps after winning orders

Power Mech Projects rose 6.07% to Rs 1067.25 after the company said it received two letter of intent worth Rs 448.60 crore.

The first order worth Rs 391 crore is from Coastal Energen. The order calls for operation & maintenance of 2X660 MW Mutiara Thermal Power Plant in Tuticorin (Tamil Nadu).

The second order worth Rs 57.60 crore is from NMDC. The order is for miscellaneous civil works for screening plant-III at Kirandul in Chattisgarh.

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.

On a consolidated basis, the company reported net profit of Rs 31.44 crore in Q1 June 2021 as against net loss of Rs 32.59 crore in Q1 June 2020. Net sales rose 126.48% to Rs 622.85 crore in Q1 June 2021 over Q1 June 2020.

The stock hit a 52-week high of Rs 1077.15 in intraday today. It has risen 195.47% from its 52-week low of Rs 361.20 hit on 14 November 2020.

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