The Power Mech Projects’ share had soared 15 per cent to hit a fresh 52-week high of Rs 767.30 on the Bombay Stock Exchange in intra-day trade on Monday after the company said it had won a mine development & operation (MOO) project from Central Coalfields Limited (CCL), a subsidiary of Coal India, aggregating to Rs 9,294 crore over the contract period. The stock surpassed its previous high of Rs 744.90 on June 17, 2021.
Power Mech Projects is one of the leading industrial services and construction companies providing versatile and comprehensive services in the power and infrastructure sectors.
The MOO contract will primarily comprise of mine infrastructure development, removal of overburden and extraction of coking coal, processing, crushing, and transportation of coal up to washery of CCL, carrying out R&R activities and any other activities incidental to mining as per the project document at Kotre Basantpur Pachmo OCP located in Ramgarh and Bokaro Districts, Jharkhand.
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“The project has a total coal extraction capacity of approximately 105 million MT with an annual capacity of 5 million MT and overburden removal during the project period is over 539 MBCM. The concession period is 25 years, including two years of development period with an option of extending the contract for a period of another ten years with the consent of both the parties (with this the total contract period will extend up to 35 years),” the company said in a press release.
