Shares of Power Mech Projects Ltd slumped 5% on 5 August despite the company announcing securing an order worth Rs 142.5 crore.
The company has been given a contract by Meenakshi Energy to revive Phase II (2 x 350 MW) in the Andhra Pradesh region of Nellore within 8 months.
Earlier in July, the company received an order for the four-year operation and maintenance of 3X91.5 megawatt (MW) CPP at Hindustan Zinc Limited, Chanderiya, Chittorgarh, totalling Rs 209.50 crore.
The share hit a 52-week high of Rs 6,500 on 24 July 2024 and a 52-week low of Rs 3,342.75 on 02 November 2023. The stock is currently trading 7.93% below its 52-week top and 79.03% above its 52-week low.
Power Mech Projects has managed a variety of 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 specialises in the erection, testing, commissioning, maintenance, and modernisation of power plants.
Beyond its operations in India, Power Mech has established a global presence with activities in over ten countries. The company has subsidiaries and joint ventures such as 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 for African projects.
At 11:40 am, the shares of Power Mech Projects were trading 4.02% lower at Rs 5,807.45 on NSE.
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