Power Mech Projects bonus share: Amid the historic rise in the stock market, the shares of Power Mech Projects Limited witnessed huge volatility on Thursday (September 19). On the fourth day of the week, the stock traded with a gain of 1 per cent in early trade and then saw profit booking in the afternoon. During trading, the stock reached a high of Rs 6635.55. However, on August 23, 2024, the stock had gone up to Rs 7,450. This is also the 52-week high of the stock. Let us tell you that the company had recently announced the distribution of bonus shares.
This news is about the company
Power Mech Projects Ltd announced that it has received an order worth ₹865 crore from Vedanta subsidiary Talwandi Sabo Power Ltd for operation and maintenance of a 3×660 MW supercritical thermal power plant at Banwala village in Mansa district of Punjab. The company said the contract will be completed within five years from November 1, 2024.
Declaration of bonus shares
Recently Power Mech Projects has issued one bonus share for every share held by the shareholders. This was the first instance of the company issuing bonus shares to its shareholders. It has never split its stock before 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.
IPO came 9 years ago
Power Mech Projects made its debut in the stock market in 2015 at an issue price of ₹ 640 per share. Since then, the stock has grown more than 9 times its IPO price. At the same time, it has grown by 785% in the last five years. That is to say, this stock has given multibagger returns to its investors from time to time.
