Smallcap multibagger Power Mech Projects rallies 5% on bagging Rs 499 cr order

Power Mech Projects had hit a 52-week high of Rs 2,108 on October 10. Adding Friday's gains, the scrip has delivered a 104.85 per cent return year-to-date.

Updated Oct 14, 2022 9:37 AM IST

Smallcap multibagger Power Mech Projects rallies 5% on bagging Rs 499 cr order

Shares of Power Mech Projects surged over 5 per cent in Friday's trade after the company's joint venture with RITES bagged an order worth Rs 499.41 crore from the Bangalore Metro Rail Corporation (BMRCL).

Following the development, the stock surged 5.48 per cent to hit a high of Rs 1,922.65 on BSE. The stock had hit a 52-week high of Rs 2,108 on October 10, and is now a kissing distance away from the level. With Friday's gains, the scrip was sitting on a 104.85 per cent return year-to-date.

From May 2020 level, the scrip is up over 510 per cent.

In a brief filing, the engineering, designing & construction company said the project has been awarded to RITES- PMPL and the order is for construction of Depot cum workshop at Challaghatta in Reach-2 extension of Bangalore Metro Rail Project, Phase-2.

"The company has received a Letter of Award (LoA) worth Rs 499.41 crore from Bangalore Metro Rail Corporation Ltd (SMRCL)," the BSE filing said. The company commands a market capitalisation of Rs 2,681.26 crore and is a part of BSE Smallcap index.

The company informed stock exchanges about the development post market hours of Thursday.

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

ABOUT THE AUTHOR

Amit Mudgill

A financial journalist with over 18 years of experience in print and digital media, I cover India's capital markets, focusing on stocks, IPOs, mutual funds, corporate earnings, and market trends. Currently with Business Today, I report on equities, corporate developments, fundraising activity, and the broader investment landscape, delivering timely, data-backed insights to investors and readers.

Previously, I worked with The Economic Times and Deccan Chronicle, covering business, markets, and corporate affairs. My experience spans breaking news, analysis, and long-form features, with a strong focus on financial markets and investment-related reporting.

I am on the go 24/7: Saying 'Good Night' to Dow Jones and 'Good Morning' to Gift Nifty comes naturally. Ask me about data and you'll hear stories. Away from markets, I enjoy stargazing, astrophotography, reading about India's neighbourhood, and playing video games.

Published on: Oct 14, 2022 9:37 AM IST

Smallcap multibagger Power Mech Projects rallies 5% on bagging Rs 499 cr order

Power Mech Projects had hit a 52-week high of Rs 2,108 on October 10. Adding Friday's gains, the scrip has delivered a 104.85 per cent return year-to-date.

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