Power Mech Shares Jump On Rs 2,192-Crore Order Wins

Shares of Power Mech Projects Ltd. rose on Friday after the company bagged two orders worth Rs 2,192.4 crore.

The company received an order worth Rs 1,517.6 crore for the mining of river bed mineral in Dehradun, Haridwar, Udham Singh Nagar and Nainital districts.

The second order worth Rs 674.8 crore was from Meenakshi Energy Ltd. for the revival, operation, and maintenance services of its coal-fired power plant in Andhra Pradesh.

The period for the execution of both orders will be five years, an exchange filing said.

Shares of the company rose as much as 7.69%, the highest level since Dec. 4, before paring gains to trade 5.91% higher at 2:02 p.m. This compares to a 0.24% decline in the NSE Nifty 50.

The stock has risen 121.97% year-to-date. Total traded volume so far in the day stood at 2.4 times its 30-day average. The relative strength index was at 62.

The two analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an upside of 112%.