Power Mech Projects' share price added more than 4 percent intraday on March 14 after company won orders worth Rs 2,121 crore.
"Power Mech Projects today announced winning orders worth Rs 2,120 crore under Jal Jeevan Mission (JJM) program," as per the company’s press release.
The company has won the new orders under Phase-III projects in 2,120 villages of Pratapgarh, Fatehpur and Meerut districts in Uttar Pradesh.
Major components of the project are about 2100 tube wells, 2100 water tanks, and 13,000 km of pipeline network for supply of drinking water to about 50 lakh population, it added.
"Jal Jeevan Mission is one of the most ambitious programs of the present Government and we are proud to be among the implementation partners. As a growth-focused company, our established credibility as an execution partner for Government and corporates alike has paved the way for larger orders and prospects - both within the Country and abroad," said S. Kishore Babu, Chairman & Managing Director, Power Mech Projects.
"We continue to focus on high-speed execution without impairing the project quality and in turn, build a robust order book for sustained value creation," he added.
This project continues to be executed at a brisk pace and is scheduled to complete within FY 2022-23.
The order amount, won under a joint venture with BRCCPL, has increased to Rs 1,800 crore following a detailed survey
At 13:06 hrs, Power Mech Projects was quoting at Rs 908.95, up Rs 29.65, or 3.37 percent on the BSE.
The share touched its 52-week high Rs 1,094.70 and 52-week low Rs 500.05 on 18 October, 2021 and 19 March, 2021, respectively.Currently, it is trading 16.97 percent below its 52-week high and 81.77 percent above its 52-week low.