Rs 57,053 crore order book: Multibagger civil construction company bags new order worth Rs 142.50 crore from Meenakshi Energy Limited
The stock gave multibagger returns of 535 per cent in just 2 years whereas BSE Sensex Index is up by 40 per cent.
Power Mech Projects Limited announced the receipt of a Rs 142.50 crore order from Meenakshi Energy Limited for the revival of Phase II (2 x 350 MW) of its power plant in Nellore district, Andhra Pradesh. The order, awarded by a domestic entity, encompasses the erection, testing, and commissioning of the power plant. Detailed information as per SEBI guidelines is provided in Annexure I. The trading window for the company's shares remains closed from July 1, 2024, until 48 hours after the declaration of unaudited financial results for the quarter ending June 30, 2024. The project is expected to be completed within eight months.
Earlier, the company announced a significant increase in the project value for the construction of a Government Medical College & Hospital for Uttarakhand Pey Jal Nigam Limited (UKPJNL). Following our previous notification on April 21, 2023, we hereby the company informed that the revised project estimate has surged from Rs 362 crore to Rs 593.99 crore, primarily attributed to an expansion in the project scope as mandated by UKPJNL. As a reminder, the company's trading window remains closed from July 1, 2024, and will continue until 48 hours after the announcement of unaudited financial results for the quarter ending June 30, 2024.
On Friday, shares of Power Mech Projects Limited (PMPL) plunged 1.51 per cent to Rs 6,048.95 per share from its previous closing of Rs 6,141.85. The stock’s intraday high was Rs 6,130 and its intraday low was Rs 5,771.15. The stock’s 52-week high is Rs 6,500 per share while its 52-week low is Rs 3,342.75 per share.
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Established in 1999, Power Mech Projects Limited is an engineering and construction company offering comprehensive services for power plants, including building, testing, and maintaining boilers, turbines, and generators, as well as civil works and ongoing operations.
Their diverse portfolio encompasses various project scales, from ultra-mega to subcritical power plants, and their expertise extends across eight business units, including industrial services, construction, overseas operations, electrical systems, infrastructure construction, hydropower, manufacturing, and mining. The company has a market cap of over Rs 9,600 crore and as of March 31, 2023, the company’s order book stands at Rs 57,053 crore.
The stock gave multibagger returns of 535 per cent in just 2 years whereas BSE Sensex Index is up by 40 per cent. Investors should keep an eye on this Small-Cap civil construction company’s stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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