Amid the record-breaking growth in the stock market and the rise in stocks, Power Mech Projects Limited (NSE: POWERMECH) witnessed massive volatility. On Friday the share opened at Rs 6499.
On the 5th day of this week, the stock was trading at a gain of one percent in the early trading and then experienced profits being booked at the end of the day. On August 23, 2024, the price was up to 7,450.
This is also the 52-week highest level of the stock. It is important to note that the company has recently announced that it is going to distribute bonus shares.
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Latest News Regarding The Company
Power Mech Projects Limited announced that it had received an order worth Rs 865 crore. The contract comes taken from Talwandi Sabo Power Limited.
Which is a subsidiary of Vedanta for the maintenance and operation of a 3x660MW supercritical thermal power plant located in Banwala village in the Mansa district in Punjab.
The company has stated that the contract would be completed in five years beginning on the 1st of November, 2024.
Announcement Of Bonus Shares
Recently, Power Mech Projects has given one bonus share for each share held by shareholders.
This was the first time the firm granted dividend shares to its investors. It has never divided its stock before this, however it has made dividend payments for its investors.
The Power Mech’s board has fixed September 28th, 2024 as the date of record for the stock issue bonus.
IPO Took Place Nine Years Ago
Power Mech Projects made its debut on the stock market in 2015 with an IPO price of Rs 664 per share. In the years since, its company has increased 9 times than its IPO price.
However, it has grown by 785% over the past five years. In other words, this stock has delivered investors multi-bagger gains periodically.
Quick Fact
| Date | September 19, 2024 |
| Stock trading gain | 1% early, profits later |
| Peak stock price | ₹6635.55 |
| 52-week high | ₹7,450 |
| Recent order value | ₹865 crore |
| Contract from | Talwandi Sabo Power |
| Contract location | Mansa, Punjab |
| Power plant capacity | 3x660MW |
| Contract duration | 5 years |
| Start date of contract | November 1, 2024 |
| Bonus shares ratio | 1:1 |
| Record date for bonus | September 28, 2024 |
| IPO year | 2015 |
| IPO price | ₹664 per share |
| Growth from IPO | 9x increase |
| 5-year growth | 785% |
| Dividend history | Previously paid dividends |
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