Power Mech Projects advances after securing orders

Power Mech Projects rose 2.23% to Rs 598.15 at 15:01 IST on BSE after the company said it has secured orders worth Rs 624 crore.

The announcement was made during market hours today, 4 July 2017.

On the BSE, 6,055 shares were traded on the counter so far as against the average daily volumes of 13,000 shares in the past two weeks. The stock had hit a high of Rs 611 and a low of Rs 585.50 so far during the day. The stock had hit a 52-week high of Rs 624.50 on 10 May 2017 and a 52-week low of Rs 389.95 on 10 March 2017.

The stock had underperformed the market over the past one month till 3 July 2017, sliding 0.81% compared with the Sensex's 0.17% fall. The scrip had, however, outperformed the market over the past one quarter advancing 6.21% as against the Sensex's 4.38% rise. The scrip had, however, underperformed the market over the past one year advancing 6.92% as against the Sensex's 15.02% rise.

The small-cap company has equity capital of Rs 14.71 crore. Face value per share is Rs 10.

Power Mech Projects said that its subsidiaries/ joint ventures (JVs) of the company have received a letter of intent/work orders worth Rs 624 crore.

GTA Power Mech Nigeria, 50% joint venture of Power Mech Projects has received an order for composite work tender unit - v for Dangote Oil Refining Company, Lagos, Nigeria for a total contract worth Rs 491 crore.

Mas Power Mech Arabia LLC, 51% subsidiary of Power Mech Projects has received an order for installation works of HRSG, CENTER LINE for 1800MW ALBA PS5 CCPP, Kingdom of Bahrain, for a total contract price of approximately worth around Rs 133 crore.

Power Mech Projects' net profit fell 18.6% to Rs 16 crore on 11.5% decrease in net sales to Rs 343.90 crore in Q4 March 2017 over Q4 March 2016.

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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