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Power Mech Projects Secures Rs 625 Crore Orders from Hindustan Zinc and Vedanta

08 September 20233 mins read by Angel One
The company's order book has exhibited significant growth since its IPO in FY16, rising from just Rs 3,524 crore to Rs 53,320 crore as of August 2023.
Power Mech Projects Secures Rs 625 Crore Orders from Hindustan Zinc and Vedanta
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Power Mech Projects Limited, a prominent engineering and construction company that undertakes mega power projects, has made a significant announcement regarding orders received by the company.

As detailed in the official report, Power Mech Projects Limited has been awarded two work orders from prominent players in their respective industries, namely Hindustan Zinc and Vedanta Limited. These orders are as follows:

The first order is from Hindustan Zinc Limited for the operation and maintenance of a 2*91.2 MW power plant, including the control room operation of the Captive Power Plant (CPP) at Dariba, Udaipur, Rajasthan, worth Rs 223.20 crore. According to the information provided by the company, the project is to be executed within six years.

The second order received by the company is from Vedanta Limited for the erection, testing, and commissioning assistance of the boiler, turbine, and generator for its 2*600 MW power plant project site in the village of Singhitarai, Chhattisgarh, for Rs 396.01 crore. The said project is to be executed within 18 months.

According to the company’s recent update, they currently have 106 ongoing projects, including 17 overseas projects. Furthermore, the company’s order book has exhibited significant growth since its IPO in 2016, rising from just Rs 3,524 crore to Rs 53,320 crore as of August 2023.

Today, the company’s shares began trading at Rs 4239.95, marking a 2.9% up from the previous day’s closing price of Rs 4119.50. They reached an intraday high of Rs 4239.95 each on the BSE. While writing the article it is trading at Rs 4151 apiece.

The market capitalization of the company is Rs 6160 crore. Additionally, the stock has delivered a return of 200% in a year and 866% in the last three years.

Here is the chart presentation of the company’s shares on the weekly time frame:

Power Mech Projects Limited, incorporated in 1999, is an engineering and construction company that offers integrated services in the erection, testing, and commissioning (ETC) of boilers, turbines, generators, balance of plant (BOP), civil works, and operation and maintenance (O&M). The company specializes in ultra mega power projects, supercritical thermal power projects, and subcritical power projects.

Investors should keep an eye on this stock. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet, and is subject to changes. Please consult an expert before making related decisions.

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