Power Mech buzzing loud

Power Mech is pretty volatile today morning, opening over 4% higher at Rs.938 but profit booking at this level pushed the stock back, just about holding onto the green; it is now trading at Rs.905, up less than 1%.

The company yesterday announced winning orders worth Rs. 2120 crore under Jal Jeevan Mission (JJM) program. The company has won the new orders under Phase-III projects in 2120 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.

The latest order win comes a year after the company was awarded JJM projects in 898 villages of Bulandshahar, Meerut and Etah districts of Uttar Pradesh by State Water Sanitary Mission, for an initial value of Rs. 898 crore under Phase-II of JJM. 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. 1800 crore following a detailed survey.