This S&P BSE Smallcap stock has a market cap of Rs. 7,284 crore and rose around 1% within the first hour of markets open with volumes that are over 0.3x monthly average volumes.
The stock gained after the company announced a new QIP issued at a premium. The stock trades 6% away from its 52 week high and has a significant MFs holding of 11% and an aggregate DII holding of 13%.
Power Mech Projects Ltd (“PMP”) is also a multibagger, returning 105% YTD and 120% during the last 1 year and 945% during the last 3 year period. This means that if you had invested Rs. 1 lakh into PMP at the start of this year, it would now be worth over Rs. 2 lakh!
In a filing dated 19th October 2023, PMP stated that the Board of Directors of the Company at its meeting held on October 18, 2023, passed the resolution for Approving the floor price for the Issue, being Rs. 4,085.44 per Equity Share which indicates a premium of 1.44% from closing on October 18th. The issue was approved to be opened yesterday as well.
Company may at its discretion offer a discount of not more than 5% on the floor price for the Issue. The Issue price will be determined by the Company in consultation with the book running lead manager appointed for the Issue
Power Mech Projects Ltd., a top construction firm in India with established infrastructure, resources, skills, and credibility, was founded in the year 1999. They primarily concentrate on offering particular services in the power sector.
The Company collaborates on erection, testing, and commissioning projects with significant power utility companies in India and abroad. They are in the Andhra Pradesh city of Hyderabad.
Written by Sandeep R
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