Shares of Power Mech Projects Ltd fell 3.5% on 28th August after hitting a day’s high of Rs 3,138.70, despite the firm announcing it had secured an order worth Rs 370.84 crore from Mahan Energen Ltd (MEL), a subsidiary of Adani Power Ltd.

The contract is for civil works and the erection of prefabricated structural steel for BTG Units 1 & 2 of Mahan Phase-III (2 x 800 MW) in Singrauli, Madhya Pradesh.

The project encompasses the construction of the main powerhouse, central control building, ESP, FGD, limestone handling system, switchyard, and other related works, with a completion target of 30 months.

Following the update, Power Mech’s market cap slipped to Rs 9,687.23 crore. On the technical front, the stock’s RSI stands at 43.6, indicating it is trading in a neutral zone — neither overbought nor oversold.

At 3:01 PM, the shares of Power Mech were trading 3.78% lower at Rs 3,012 on NSE.

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