Industrial services and construction major Power Mech on Friday bagged two orders worth Rs 724 crore. One of the orders was from Karnataka’s Raichur Power Corporation amounting to Rs 158.67 crore while the other was from Madhya Pradesh State Mining Corporation amounting to Rs 565.23 crore.

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According to the company, the Raichur order is for the operation and maintenance of the 2x800 MW coal-based Yeramarus Thermal Power Station. The Madhya Pradesh project is for sand mining as a mine developer-cum-operator for three years. These contracts would be executed through special purpose vehicles to be incorporated for the same.

The above-mentioned update comes after the company bagged a major Rs 30,438 crore order from the Steel Authority of India (SAIL) on July 31. At that time, the stock had rallied up to 20 percent as the order was four times larger than Power Mech's overall market capitalisation of over Rs 6,000 crore.

Additionally, Power Mech, in an earlier update, also informed that the company would be considering fundraising on August 25. Meanwhile, in the first quarter results that came out on August 9, the services and construction company had seen net profit rising 29.2 percent at Rs 50.9 crore versus Rs 39.4 crore, on a yearly basis. The revenue rose from Rs 865.1 crore in the first quarter of FY23 to Rs 746.6 crore in the first quarter of FY24.

The shares of Power Mech were trading flat at Rs 3,951 per share at 9:50 am on Friday.