Power Mech Projects surged 11.81% to Rs 702.45 after HDFC Mutual Fund (MF) added 0.88% stake in the company via bulk deal yesterday, 3 June 2021.
As per the bulk deal data on the NSE, HDFC MF bought 1.30 lakh equity shares, or 0.88% stake, of Power Mech Projects at Rs 633 per equity share on 3 June 2021.As on 31 May 2021 the aggregate holding of HDFC MF in the company stood at 7.16%.
On a consolidated basis, Power Mech Projects net profit tumbled 91.3% to Rs 3.15 crore on 6.8% fall in net sales to Rs 508.49 crore in Q3 FY21 over Q3 FY20.
Power Mech Projects operates as an engineering and construction company, which provides erection, testing and commissioning (ETC), civil and operation and maintenance services for power projects.
The stock hit a 52-week high of Rs 725.80 in intraday today. The scrip has rallied over 15% in three consecutive session from a recent closing low of Rs 605.95 on Tuesday, 1 June 2021.
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