Power Mech Projects soars on bagging Mine Development and Operation Project from SAIL
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Power Mech Projects is currently trading at Rs. 4624.65, up by 406.10 points or 9.63% from its previous closing of Rs. 4218.55 on the BSE.
The scrip opened at Rs. 5062.25 and has touched a high and low of Rs. 5062.25 and Rs. 4624.40 respectively. So far 4167 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 5,062.25 on 31-Jul-2023 and a 52 week low of Rs. 878.95 on 29-Jul-2022.
Last one week high and low of the scrip stood at Rs. 5062.25 and Rs. 3866.95 respectively. The current market cap of the company is Rs. 6288.32 crore.
The promoters holding in the company stood at 64.12%, while Institutions and Non-Institutions held 17.06% and 18.83% respectively.
Power Mech Projects has bagged a Mine Development and Operation Project (MDO) for an estimated value of Rs 30,438 crore from Steel Authority of India (SAIL).This project is being awarded to a consortium of Power Mech Projects – PC Patel Infra for Development and Operation of Tasra Opencast Project, located at Jharia Coal fields in Dhanbad District, Jharkhand. The duration of the contract is 28 years (including 2 years of development period).
The scope of the MDO contract mainly comprises of mine infrastructure development including extraction of coking coal, crushing, transportation, setting up of washery and supply of steel grade coking coal to SAIL. The contract would be executed through a Special Purpose Vehicle (SPV), to be incorporated for the said purpose with Power Mech Projects holding 74% stake and PC Patel Infra holding 26% stake.
Power Mech Projects is an integrated power infrastructure services company. The Company's operations include three business lines: Erection Works, Operation & Maintenance (O&M) Services and Civil Works.
