Power Mech Projects soars on securing FGD projects of Rs 6,163.20 crore from Adani Group

Power Mech Projects is currently trading at Rs. 1210.15, up by 53.85 points or 4.66% from its previous closing of Rs. 1156.30 on the BSE.

Power Mech Projects
Power Mech Projects

The scrip opened at Rs. 1174.95 and has touched a high and low of Rs. 1239.45 and Rs. 1174.60 respectively. So far 11006 shares were traded on the counter.

The BSE group ‘B’ stock of face value Rs. 10 has touched a 52 week high of Rs. 1175.00 on 17-Aug-2022 and a 52 week low of Rs. 805.15 on 30-Mar-2022.

Last one week high and low of the scrip stood at Rs. 1175.00 and Rs. 1049.40 respectively. The current market cap of the company is Rs. 1785.52 crore.

The promoters holding in the company stood at 63.69%, while Institutions and Non-Institutions held 12.48% and 23.83% respectively.

Power Mech Projects (PMPL) has bagged orders for 5 Flue Gas Desulphurization (FGD) projects with an aggregating value of Rs 6,163.20 crore from Adani Group. The orders are for a quantum of 15 FGD retrofits to coal based units, whose sizes ranging between 330 MW and 660 MW. These Engineering, Procurement and Construction (EPC) projects are projected to be implemented over the course of next 30 months are prestigious to PMPL. Adani Group is considered highly valued customer to the company with an association of over 15 years; rendering services for the group in multiple portfolios including Power, Infra, Pipelines, Material Handling etc. These 5 projects would be implemented at Adani Group’s coal based power plants in Mundra, Tiroda, Kawai and Udupi where the company has already established its presence.

These FGD units will effectively curb Sulphur-dioxide emissions with 92% recoveries and will play a vital part in helping India’s ambitious goal of reducing emission-intensity as announced at the United Nations Climate Change Conference, COP26. Post commissioning of these projects opportunities are envisaged for undertaking Operation & Maintenance (O&M) of the units, thus enhancing the space for service profile of the company and bringing in value addition. PMPL has tied up with well proven technology partners for professional support for service and supply in installing these FGDs.

Power Mech Projects is an integrated power infrastructure services company. The Company’s operations include three business lines: Erection Works, Operation & Maintenance (O&M) Services and Civil Works