Power Mech Gets Rs 6,100-Crore Order From Adani Group, Shares Hit Record
Shares of Power Mech Projects Ltd. rose to a record high after the firm received orders worth more than Rs 6,100 crore from the Adani Group.
The Hyderabad-based construction engineering company will install 15 flue gas desulphurisation units at Adani's coal-based units located at Mundra, Tiroda, Kawai and Udupi, according to an exchange filing.
The orders are worth Rs 6,163.2 crore and are on a "complete engineering, procurement and construction" basis. The installation will be executed over 30 months for their plants ranging between 330 MW and 660MW.
"These FGD units will effectively curb sulphur dioxide emissions with 92% recoveries and will play a vital part in helping India's ambitious goal of reducing emission intensity as announced at the United Nations Climate Change Conference, COP 26," Power Mech said in the filing.
Shares of the company gained as much as 7.8% in early trade to Rs 1,240 apiece--the highest level on record. The stock closed 3.1% higher on Thursday.
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
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