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Shares of Power Mech Projects Ltd. were trading a percent higher on Thursday (September 19) after the company announced that it has received an order worth ₹ 865 crore. NSE The order is from Vedanta's subsidiary, Talwandi Sabo Power Ltd.
, for the operation and maintenance of a 3x660 MW supercritical thermal power plant at Banawala village, Mansa District, Punjab. The contract will be executed within five years, with effect from November 1, 2024, the company said in a regulatory filing. Power Mech Projects recently issued one bonus share for every one share held by shareholders.
This was the first instance of the company issuing bonus shares to its shareholders. It has never before split its stock either, but has paid dividends to its shareholders. The board of Power Mech has fixed September 28, 2024 as the record date for the said bonus issue of shares.
Power Mech Projects had made its stock market debut in 2015 at an issue price of ₹640 per share. Since then, the stock has risen over 9 times from its IPO price and has rallied 785% in the last five years. For the April to June period, the company reported a 21% year-on-year increase in net profit, while its revenue surged 16%.
Shares of Power Mech Projects were trading flat at ₹6,470. The stock is up 45% so far in 2024..
