Power Mech Projects Surges 3% To Record High On Enhanced Order Value
The stock rose as much as 2.98% during the day to Rs 6,280 apiece on the NSE.
![<div class="paragraphs"><p>Work carried out by Power Mech Projects Ltd. (Source: Company website)</p></div>](https://media.assettype.com/bloombergquint%2F2024-07%2F149f6464-7d24-4fa0-9bfa-83479261cbc0%2FPower%20plant's%20construction%2C%20operation%20and%20maintenance%20work%20carried%20out%20by%20Power%20Mech%20Projects%20Ltd.%20(Source%20Company%20website).png?auto=format%2Ccompress&w=200)
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 Projects Surges 3% To Record High On Enhanced Order Value](https://media.assettype.com/bloombergquint%2F2024-07%2F41442c43-7667-4a33-bdbc-a056c63ff5f9%2FPOWERMECH.png?auto=format%2Ccompress)
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%.