Adani Power: Gautam Adani's Company Awards Rs 510 Crore Contract For... - Details

Gautam Adani’s Adani Power has awarded a Rs 510 crore order to Power Mech Projects, an infrastructure-construction company based in Hyderabad, related to the performance of mechanical construction works for its Raipur Thermal Power Project.

“We are pleased to inform you that the Company has received an order worth of Rs 510 Crores (excluding GST) from Adani Power Limited, related to the performance of Mechanical construction works for 2 x 800 MW Raipur Phase-II Ultra Supercritical Thermal Power Project (“Project”), at Raikheda village in Raipur District, Chhattisgarh - 493225,” Power Mech informed the investors in a BSE filing.

The order comes at a time when the Adani Group is making headlines for the DOJ allegations against its key directors including Gautam Adani, Sagar Adani, and Adani Green MD Vneet Jaain.

Power Mech Stock Reaction

The stock of the Power Mech Projects surged as much as 1.6 per cent in Friday’s trading session, up by Rs 43.75 per cent at Rs 2,825.95 per equity share.

On a year-to-date (YTD) basis, the company’s stock has gained over 26 per cent while the one year's returns on the stock stand above 36 per cent.

Adani Power Stock Reaction

On the other hand, the share of Adani Power was trading flat with marginal downward momentum in the last trading session of the week on November 29.

The shares of the company were trading Rs 2.25 or 0.40 per cent down at the price of Rs 558.7 apiece.