Power Mech Wins Rs 865-Crore Order From Vedanta Subsidiary
The order from Vedanta Ltd.'s subsidiary Talwandi Sabo Power Ltd. has to be executed in five years, with effect from Nov. 1.
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Power Mech Projects Ltd., has received an order worth Rs 865 crore from Vedanta Ltd.'s subsidiary Talwandi Sabo Power Ltd. for operation and maintenance of a thermal power plant. The order includes operation and maintenance of 3X660 MW supercritical thermal power plant of Talwandi Sabo Power, at Banawala village, Mansa District, Punjab, as per an exchange filing on Thursday.
The order has to be executed in five years, with effect from Nov. 1, 2024.
Hyderabad-based Power Mech Projects reported a 21% increase in consolidated net profit to Rs 61.7 crore for the June quarter, driven by higher revenue. The company had reported a net profit of Rs 50.96 crore for the April-June period of the previous financial year, according to an exchange filing on Monday.
Shares of Power Mech were trading 0.15% lower at Rs 6,458 apiece, compared to a 0.24% advance in the BSE Sensex at 1:15 p.m.
The stock has risen 53.61% in the last 12 months. Total traded volume so far in the day stood at 0.52 times its 30-day average. The relative strength index was at 52.91.
The two analysts tracking the company have a 'buy' rating on the stock, according to Bloomberg data. The average 12-month analysts' consensus price target implies a downside of 2.5%.
