Share price of this small-cap stock jumped by nearly 4.53% on NSE to Rs. 4,800 in the morning trading session of March 14th, from its previous close of Rs. 4,591.85, after the company announced incorporating a new wholly-owned subsidiary.
With a market capitalisation of Rs. 7,523.3 crores, at 11:47 a.m. the shares of Power Mech Projects Limited were trading in the green at Rs. 4,763.75, up by 3.74 percent.
In the last one year, the company has delivered about 112.09 percent of multibagger returns and nearly 12.7 percent of positive returns in the last six months. So far in 2024, it has delivered positive returns of over 5.8 percent.
According to recent regulatory filings with the stock exchanges, Power Mech Projects Limited incorporated a new wholly-owned subsidiary by the name PMTS Private Limited on Wednesday.
The purpose of incorporation of this wholly-owned subsidiary is to design and develop technologies required for construction companies and companies in other sectors or industries, including the implementation of ERP and monitoring systems.
In terms of financials, the company’s revenue from operations grew by 18.8% from Rs. 932 crores in Q2 FY23-24 to Rs. 1,108 crore in Q3 FY23-24.
The net profit also increased by 21.5% from Rs. 51 crore in Q2 FY23-24 to Rs. 62 crore in Q3 FY23-24.
As of December 2023, FIIs hold 4.24 percent of the shares, whereas DIIs hold 18.57 percent of the shares in the company, aggregating to 22.81 percent of the institutional holdings.
The FIIs increased their holding by 0.08 percent from 4.16 percent in Q2 FY23-24 to 4.24 percent in Q3 FY23-24, whereas, the Promoter’s holding decreased by 3.65 percent from 64.05 percent to 60.4 percent during the same period.
Established in 1999, Power Mech Projects Limited is one of the leading infrastructure-construction companies and is engaged in the business of providing a wide range of services in the power and infrastructure sectors.
Written by Shivani Singh
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