Power Mech Projects gains after new order win

Power Mech Projects rose 1.79% to Rs 501 at 11:21 IST on BSE, after the company received a letter of intent/work order worth Rs 145.46 crore.

The announcement was made on Saturday, 24 September 2016.

Meanwhile, the S&P BSE Sensex was down 194.99 points, or 0.68% to 28,473.23

On BSE, so far 3,940 shares were traded on the counter as against average daily volume of 1,625 shares in the past one quarter. The stock hit a high of Rs 513.30 and a low of Rs 500 so far during the day. The stock had hit a record low of Rs 450 on 30 August 2016. The stock had hit a record high of Rs 701 on 12 January 2016. The stock had outperformed the market over the past 30 days till 23 September 2016, rising 3.19% compared with 2.99% rise in the Sensex. The scrip, however, underperformed the market in past one quarter, sliding 9.7% as against Sensex's 8.60% 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 the company has received a letter of intent/work order worth Rs 145.46 crore. The first order is for erection, testing and commissioning of boiler and boiler auxilary work of a 660 megawatts (MW) coal based Harduaganj thermal power project, Harduaganj, Uttar Pradesh, for a total contract price of Rs 107.27 crore inclusive of all taxes, surcharges, cess and excluding service tax. The second order is for piping installation in power block - boiler 1 & FGD 1 at Shuqaiq steam power plant project at Shuqaiq, Kingdom of Saudi Arabia (KSA) for a total contract price of Rs 38.19 crore inclusive of all taxes.

Power Mech Projects is an integrated power infrastructure services provider.

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