What's Going On With Primech Stock Tuesday?

Primech Holdings Ltd. PMEC stock is trading higher and volatile on Tuesday after the company announced it secured several contracts.

The Details: The newly secured contracts cover multiple sectors and have a combined value exceeding $3.8 million.

First, the company has secured contracts in the residential sector for everything from routine maintenance to comprehensive cleaning services, worth more than $1.7 million.

In addition, Primech has signed contracts, valued at about $800 thousand, in the hospitality services industry for stewarding, kitchen cleaning and public area maintenance. It also inked contracts in the transportation infrastructure sector to provide extensive cleaning services at a major transportation hub.

The transportation infrastructure contracts are worth over $100 thousand. In the commercial sector, it obtained new contracts to provide general cleaning services to key commercial establishments.

Kin Wai Ho, Chairman and CEO of Primech Holdings, said, “This series of contracts awarded to Primech A&P demonstrates our ability to win business opportunities from diverse clients. With these important contract wins, we are well-positioned to continue to grow within the facility management industry, which is projected to grow significantly in the coming years. These agreements affirm our strong market position and ability to meet the sophisticated needs of various sectors.”

See Also: Eli Lilly’s Options: A Look at What the Big Money is Thinking

PMEC Price Action: At the time of writing, Primech shares are trading 6.52% lower at 80 cents, according to data from Benzinga Pro.

Image: via Shutterstock