Power Mech Projects shares gain 10% post block deal worth Rs 131 cr

Power Mech Projects stock price zoomed 9.68 per cent at Rs 5379.95 per share on the BSE in Thursday’s intraday trade.The stock is trading close to its 52-week high of Rs 5,544, hit on February 07, 2024. 

The recent stock price surge came after the company’s 2,77,916 shares worth Rs 131.48 crore changed hands via a block deal on NSE, according to reports. The shares were transfered at Rs 4,731 a piece. 

As of March 2024, the promoters of the company held a total of 60.38 per cent shares of the company, while 39.62 per cent of the shares were held publicly. 

Headquartered in Hyderabad, Power Mech Projects operates in the power and infrastructure sectors.

The company reported a 13 percent increase in consolidated net profit to Rs 84.41 crore for the March quarter, attributed to higher income. The company's profit after tax (PAT) stood at Rs 74.57 crore in the corresponding period last year. 

Total income for the quarter rose to Rs 1,311.86 crore from Rs 1,183.20 crore in January-March FY23. Expenses during the period amounted to Rs 1,189.69 crore, compared to Rs 1,070.49 crore a year ago.

At 11:36 PM; the stock of the company was trading 7.12 per cent higher at Rs 5253.70 per share on the BSE. By comparison the BSE Sensex climbed up by 0.24 per cent.

The stock of the Power Mech Projects is presently trading at a price to earnings multiple of 32.22 times with an earning per share of Rs 152.23.