Power Mech Projects makes lacklustre debut

Power infrastructure services firm, Power Mech Projects, today made a disappointing debut on the bourses and settled over 9 per cent below its issue price at Rs 585.75 on BSE.
The company had debuted at Rs 600, showing a fall of 6.25 per cent against the issue price on both BSE and the NSE.
During the day the stock witnessed an intra-day high of Rs 663.10 and a low of Rs 580 on BSE and finally settled at Rs 585.75, down 9.26 per cent over its issue price.
Similar movements were seen at the National Stock exchange, where the stock opened at Rs 600 and finally settled for the day at Rs 585.30. It saw an intra-day high of Rs 663 and a low of Rs 580.

Meanwhile, the broader market settled in negative zone as Sensex tumbled 317.72 points to close at 25,714.66 and Nifty tanked 88.85 points to 7,791.85.
The Rs 273-crore initial public offer (IPO) of Power Mech Projects, had witnessed a strong investor response, and was over-subscribed 38.10 times.
The company said the proceeds of the issue would be utilised towards expanding the company's presence globally and to meet working capital requirements.
Power Mech is engaged in three business verticals -- manufacturing, testing and commissioning of boilers, turbines and generators and balance of plant (BOP) for power sector, operation and maintenance and civil works which include construction jobs for the main plant and BOP requirements.