Power Mech Projects shares trade lower

06 Aug 2024 CW Team

On August 5, Power Mech Projects experienced a decline in its share price in early trading, despite securing an order worth Rs 1.42 billion. At 09:37am, the company?s shares were priced at Rs 5,984.40, which marked a decrease of Rs 64.55, or 1.07%, on the BSE. The contract, awarded by Meenakshi Energy, involves the revival of Phase II (2 x 350 MW) in Nellore district, Andhra Pradesh, with a completion timeline of 8 months.

Earlier in July, Power Mech Projects had secured another order valued at Rs 2 billion for the operation and maintenance of a 3x91.5 MW captive power plant at Hindustan Zinc Limited in Chanderiya, Chittorgarh, for a duration of 4 years. The share price had previously reached a 52-week high of Rs 6,500 on July 24, 2024, and a 52-week low of Rs 3,342.75 on November 2, 2023. At present, the stock is trading 7.93% below its 52-week high and 79.03% above its 52-week low.

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