Power Mech, RITES-JV receive LoA for project worth Rs499.41 crore

14 Oct 2022 , 10:04 AM

Power Mech Projects Limited informed that it received a Letter of Award (LOA) worth Rs499.41 crore from Bangalore Metro Rail Corporation Limited (BMRCL).

The company has received this order to construct a Depot cum workshop at Challaghatta in the Reach-2 Extension of the Bangalore Metro Rail Project, Phase-2.

The company informed that this project is received by RITES- PMPL JV, a Joint Venture of RITES Limited and Power Mech Projects Limited. In the said JV, Power Mech has a 49% share, and RITES has a 51% stake.

The total cost of the project for the JV is Rs499.41 crore.

At around 10.06 AM, Power Mech Projects was trading at Rs1,857.40 per piece, up by 1.91% from its previous closing of Rs1,822.65 on the BSE. The scrip opened at Rs1,922.65 and touched intraday high and low of Rs1,922.65 and Rs1,851.05 respectively.

RITES was trading at Rs394.45 up by 3.57% from its previous closing of Rs380.85 on the BSE.

For feedback and suggestions, write to us at [e-mail]