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Power Mech Projects Ltd wins a ₹142.5 crore order from Meenakshi Energy for reviving a 700 MW power plant. Despite this, shares dropped 5% in Monday’s sell-off. The Power Mech shares trade 7.93% below its 52-week high and 79.03% above its low.
Power Mech Projects Limited has secured a significant contract worth ₹142.5 crore from Meenakshi Energy. This contract is for the revival of Phase II of the power plant located in Nellore district, Andhra Pradesh.
The contract involves reviving Phase II of Meenakshi Energy's power plant, which includes two units of 350 megawatts (MW) each, totalling 700 MW. The project is set to be completed within 8 months, reflecting Power Mech's capability to undertake large-scale and time-sensitive projects.
Despite this positive development, Power Mech's share price fell by 5% in early trade on August 5. The shares closed at ₹5,720.10, down ₹331.05 on NSE. The decline indicates that investors may be reacting to broader market trends or other external factors.
This order follows another substantial contract received in July, where Power Mech was awarded ₹209.50 crore for the operation and maintenance of a 3X91.5 MW captive power plant (CPP) at Hindustan Zinc Limited, Chanderiya, Chittorgarh, for a period of four years.
Additionally, Power Mech has also won a ₹110.57 crore order from Dangote Petroleum Refinery & Petrochemical FZE.
Power Mech's shares have experienced significant fluctuations over the past year, hitting a 52-week high of ₹6,500 on July 24, 2024, and a 52-week low of ₹3,342.75 on November 2, 2023. The stock is currently trading 7.93% below its 52-week high and 79.03% above its 52-week low.
Power Mech Projects is renowned for handling various power sector projects, including Ultra Mega Power Projects, Super Critical Thermal Power Projects, Waste Heat Recovery Steam Generators, Gas Turbine Generators, and Hydro Electric Projects. The company excels in the erection, testing, commissioning, maintenance, and modernisation of power plants.
In addition to its operations in India, Power Mech has established a strong international presence, conducting activities in over ten countries. It operates through subsidiaries and joint ventures, including Power Mech Industry Private Limited in Noida, Power Mech Projects Ltd LLC in Oman, MAS Powermech Arabia in Saudi Arabia, and GTA Powermech Nigeria Limited in Africa.
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This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.
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