Shares of Power Mech Projects Ltd. jumped nearly 3% to hit an all-time high on Tuesday as the Uttarakhand government raised the value of an order given to the infrastructure-construction company.
The order value was raised to approximately Rs 594 crore from Rs 362 crore earlier for the construction of the Government Medical College & Hospital for the Uttarakhand Pey Jal Nigam Ltd., according to an exchange filing.
The authority increased the order value as scope of the work changed, it said.
Power Mech's stock rose as much as 2.98% during the day to Rs 6,280 apiece on the NSE. It was trading 2.13% higher at Rs 6,233.45 per share, compared to a 0.25% decline in the benchmark Nifty at 10:13 a.m.
The share price has gained 34.88% in the last 12 months and 45.14% on a year-to-date basis. The total traded volume so far in the day stood at 0.50 times its 30-day average. The relative strength index was at 80.09, implying that the stock is overbought.
Two analysts tracking the company have a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 11.5%.
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