Shares of Power Mech rise on account of significant order win from Adani Group
These Engineering, Procurement and Construction (EPC) projects are to be implemented over the period of the next 30 months.
Shares of Power Mech Projects Ltd (PMPL), an S&P BSE SmallCap company, are buzzing on the bourses today. As of 12.15 pm, the shares of Power Mech Projects are trading at Rs 1184.25 apiece, higher by 2.42% over the previous close. In contrast, the frontline index S&P Sensex is down by 0.40%.
The rally in the share price of Power Mech Projects has come on the back of significant orders secured by the company. Today, the company reported that it has bagged a record order for 5 Flue Gas Desulphurization [FGD] projects from Adani Group.
The orders secured by PMPL have an aggregate value of Rs 6,163.20 crore. These orders are for a quantum of 15 FGD retrofits to coal-based units, whose sizes range between 330 MW and 660 MW. These Engineering, Procurement and Construction (EPC) projects are to be implemented over the period of the next 30 months.
These 5 projects would be implemented at Adani Group's coal-based power plants in Mundra, Tiroda, Kawai and Udupi where PMPL has already established its presence. These FGD units will effectively curb Sulphur-dioxide emissions with 92% recoveries. This shall enable India’s ambitious goal of reducing emission intensity. Emission control in coal-based power plants is one of the major focus areas to deal with the emission norms that are aligned with global commitments by India.
After the commissioning of these projects, opportunities are envisaged for undertaking Operation & Maintenance (O&M) of the units, thereby enhancing the space for the service profile of PMPL and bringing in value addition.
Today, the scrip opened at Rs 1174.95 and touched the day’s high of Rs 1,239.45, which is its 52-week high as well. The scrip’s day’s low and 52-week low stand at Rs 1174.60 and Rs 805.15, respectively. So far 14,608 shares have been traded on the bourses.
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