Power Mech hits new high

Power Mech Projects is a news maker today, figuring among the top five gainers on the BSE; from its close of Rs.4218.55, it opened itself at a new 52-week high at Rs.5062.25, up 20%, briefly skimming its UC. It is currently trading at Rs.4610 levels.

The stock price hit a new high on its announcement of winning a mine development and operation project (MDO) from the Steel Authority of India Ltd. (SAIL).

The order is valued at Rs 30,438 crore and has a duration of 28 years, which will consist of two years of development period.

The company will be developing the Tasra Open Cast Project, located in the Jharia Coal Fields in Jharkhand.