Power Mech Secures Rs 825 Crore Project From Mahan Energen

Power Mech Projects Ltd. has received a Rs 825 crore project from Mahan Energen Ltd. for civil and mechanical construction works for the second phase of the Mahan Ultra Supercritical Thermal Power Project.

The project is set to take place in Bandhua village, in Madhya Pradesh's Singrauli district, according to an exchange filing. The project is expected to finish within 22 to 33 months, it said.

Shares of the company rose as much as 3.92%, the highest since Jan. 3. It pared gains to closed 3.32% higher at Rs 4,485.20 apiece. This compares to a 0.91% decline in the NSE Nifty 50.

The stock has risen 107.89% in the last 12 months.

The two analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 115.3%.