IT department searches in this construction engineering firm. Shares up 3%

The Income Tax Department has searched listed construction engineering company Power Mac Projects. On Monday, the company’s shares remained unaffected by the development and soared on the exchanges. Powermake said the discovery will not have any impact on its operational performance. The company, however, did not disclose the reason behind the IT department’s searches at its premises.

The department conducted searches at the registered office and other offices of the company from July 13 to July 17, 2022.

In its regulatory filing, Power Tech said, “We would like to inform you that the Income Tax Department conducted a search at our registered office and other places under the powers conferred on them by the provisions of section 132 of the Income Tax Act, 1961. 13.07.2022 from 17.07.2022.”

Further, Power Mac said that the company has extended full cooperation to the Income Tax Department in the matter of providing the information and clarifications required by them.

“We would like to inform that the proceedings will have no impact on the operating performance of the company. We would like to thank our employees for their continued and unconditional support,” PowerMake said in its filing.

Shares of Power Match closed on BSE 862 per up by 22.45 or 2.67%. Shares have touched intraday highs and lows 870.85 each and 810.95 each respectively. Its market cap is 1,268.07 crores.

Last month, the company had received Letters of Award (LOA) for several projects 521.95 crores.

Overall, Power Tech secured LoA of 119 Crore Civil Structural and Architectural works for Flue Gas Desulfurization (FGD) system at existing 1×800 MW North Chennai Thermal Power Plant, Stage-III, Chennai, Tamil Nadu for BHEL. In addition, the company also received a project of 126.91 crore for supply of Structural Steel Fabricated Items and Sheeting for Coal, Limestone and Gypsum Handling Plant Package for THDC Khurja Super Thermal Power Project (2x660MW) located at Village of Dussehra Tehsil Khurja, Distt. Bulandshahr, Uttar Pradesh, India Received from Thyssenkrupp Industries India.

Power Make Projects is one of the leading infrastructure-building companies based in Hyderabad, India with a global presence and is highly credited for providing a spectrum of services in the power and infrastructure sectors.

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