Power Mech Shares Surge Over 5%: What's The Adani Connection?

Power Mech Projects Limited has won a Rs 294 crore contract (excluding GST) from Adani Power Limited.

The deal involves overhauling services, condition assessments, erection, testing, commissioning, and manpower support for the performance guarantee tests of Steam Generator (SG) and Steam Turbine Generator (STG) at the Korba Phase-II Thermal Power Project in Chhattisgarh.

‘has secured a ₹294 Crore (excluding GST and an incentive amount of ₹ 1.25 crore per unit after achieving the Synchronization within stipulated time) order from Adani Power Limited (APL) for Overhauling services, condition assessment, Erection, Testing, Commissioning and manpower assistance for Performance Guarantee Test of Steam Generator (SG) and Steam Turbine Generator (STG) and its Auxiliaries for Unit 3 and 4 of 2x660 MW Korba Phase-II Thermal Power Project,’ as mentioned in the exchange filing on BSE .

Power Mech Share Price Today

Following the Power Mech shares have surged over 5%. Today the stock opened at 2677.95 and went to an intraday day high of 2699.95. As of 12:30, the stock is trading at 2661.05 up 3.63%.

Power Mech Share Price History 
The company's market capitalization is ₹8,428.43 crore. The stock’s 52-week high is ₹3,725.00, while the 52-week low is ₹2,080.50. Over the past five years, the stock has gained 791.38%, and in the last three years, it has risen by 478.52%. In the short term, it increased by 18.98% over the past year and 8.35% last month. However, it declined by 20.68% in the last three months and fell by 5.95% last month.

Power Mech & Adani Project Details 
The project encompasses work on Unit 3 and Unit 4 of the 2x660 MW thermal power plant.

According to the official announcement, Power Mech is expected to complete the work for Unit 3 within 12 months and Unit 4 within 18 months from the date of the Notice to Proceed. Furthermore, the company stands to earn an additional Rs 1.25 crore per unit as an incentive for achieving synchronization within the stipulated timeline.

Also Read: TN Govt Cancels Smart Meter Tender Awarded To Adani Energy Solutions | Republic Business