Power Mech has announced that it has secured a deal worth ₹327.35 crore from Vedanta Aluminium Metal on Monday, October 19.
The Hyderabad-based engineering company, in an exchange filing issued on Monday, said that it has bagged the order from the Vedanta group company.
As a part of the order, the company will carry out end-to-end operation and maintenance of 130 MW (2 x 50 MW, 1 x 30 MW). Along with it, the order also involves operation and maintenance of a Blowout Preventer of 90 MW at the coal-fired cogeneration power plant at Vedanta Limited, Kalahandi, Lanjigarh, Odisha.
As per the company statement, the contract period of the order is slated to be 48 months. The value of the order is pegged at ₹327.35 crore (Excl. GST).
This comes a month after the company bagged another order from a different Vedanta company. In early September, the company secured a ₹970 crore Operations and Maintenance (O&M) contract from Vedanta Power for its 2×600 MW Sakti Thermal Power Plant in Chhattisgarh.
The contractual agreement encompasses comprehensive operations and maintenance services for the entirety of the coal-fueled thermal power generation facility situated in Singhitarai village, Sakti district, Chhattisgarh.
When we take a look at the company’s stock’s recent performance, the company’s shares have fallen 1% intraday, but despite recovering a bit, remain in the red. In the past year of trading, the company’s shares have slumped 11%. The stock price is at ₹2,364.20 per share.
Today, the stock opened at ₹2,375.10 and has slumped to the intraday low of ₹2,354.20. The stock is 21.39% below its 52-week high of ₹3,007.50. The stock is 37.63% above its 52-week low of ₹1,717.70. Furthermore, the stock has closed in the green in 4 of the last 10 completed trading sessions.
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